The Rating Outlook on the state's GO and related debt is Stable.
The ratings on the above bonds are directly linked to the state's GO rating, as outlined below, and the current rating action is an affirmation of those linkages. The state of
Shafter Joint Powers & Taft Public Financing Authorities: secured by contract payments through the state department of corrections and rehabilitation, the sole source of lease rental payments made to each authority from each city, for use of low security correctional facilities. The state contractual payments cover debt service on the bonds and operating costs for the facilities.
KEY RATING DRIVERS
--GENERAL STATE CREDIT QUALITY: The ratings are all driven by the general credit quality of the
--STATE GO RATING: The rating on all of the securities would change with changes in the state's GO rating.
For more information on the state's GO rating, see Fitch's press release 'Fitch Assigns 'A' Rating to $750MM California GOs; Outlook Stable' dated
Additional information is available at 'www.fitchratings.com'.
--'Tax-Supported Rating Criteria' (
--'U.S. State Government Tax-Supported Rating Criteria' (
Tax-Supported Rating Criteria
U.S. State Government Tax-Supported Rating Criteria
Source: Fitch Ratings
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