Fitch Rates California Public Works Board Series 2010B 'BBB+'

NEW YORK--(BUSINESS WIRE)--

On March 31, 2010, Fitch Ratings assigned a long-term rating of 'BBB-' to approximately $180.6 million in State Public Works Board (PWB) of the State of California lease revenue bonds (Trustees of the California State University), series 2010B (various California State University projects).

On April 5, 2010 Fitch recalibrated the ratings on the bonds as described in the March 25, 2010 report 'Recalibration of U.S. Public Finance Ratings', available at 'www.fitchratings.com'.

The ratings were revised as follows:

--Approximately $180.6 million PWB lease revenue bonds (Trustees of the California State University) series 2010B, to 'BBB+' from 'BBB-'.

The Rating Outlook for the bonds remains Stable. The sale is expected to consist of subseries 2010B-1 (tax-exempt bonds) and subseries 2010B-2 (federally taxable Build America Bonds); precise subseries par amounts will be finalized upon sale, expected via negotiation on or about April 14, 2010.

For additional information, please refer to Fitch's press release entitled 'Fitch Affirms California Public Works Board at 'BBB-'; Outlook Stable', dated March 31, 2010, also available 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.