Fitch Upgrades California's Outstanding Economic Recovery Bonds to 'A'; Outlook Stable

• Press Release
• Source: Fitch Ratings
• On 4:47 pm EST, Thursday November 5, 2009

NEW YORK--(BUSINESS WIRE)--Fitch Ratings upgrades the rating on outstanding economic recovery bonds (ERBs) of the State of California to 'A' from 'BBB'. The Rating Outlook is Stable.

The upgrade to 'A' of outstanding ERBs, consisting of various series 2004 and series 2008 bonds, puts the bonds' rating on par with $3.4 billion in series 2009 ERBs, initially rated 'A' with a Stable Outlook on Oct. 20, 2009 by Fitch. The closing of the series 2009 ERB sale took place today; issuance of the series 2009 bonds restructures the future debt service profile of all outstanding ERBs through maturity to ensure adequate coverage by pledged revenues. For further information, please see Fitch's release dated Oct. 20, 2009, available on Fitch's web site at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings, New York
Douglas Offerman, 212-908-0889
Laura Porter, 212-908-0575
Richard Raphael, 212-908-0507
or
Media Relations:
Cindy Stoller, 212-908-0526
Email: cindy.stoller@fitchratings.com