Standard & Poor’s maintained the BBB-plus rating on the California State Public Works Board’s lease revenue bonds ahead of its upcoming sale.

The board plans to issue $483 million in three series of tax-exempt lease revenue bonds during the week of Oct. 13.

“The underlying creditworthiness of the state and statutory protection from non-appropriation risk we consider support for the rating,” Standard & Poor’s analyst Gabriel Petek said in a statement Tuesday.

The agency also affirmed its BBB-plus long-term and underlying rating on $7.2 billion of outstanding board lease revenue and lease revenue refunding bonds. The outlook on the new and existing bonds is stable.

Moody’s Investor’s Service rates the state’s lease revenue bonds A2  and Fitch Ratings assigns them a BBB-plus.

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