NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns an 'A-' rating to $549.8 million in various purpose general obligation (GO) refunding bonds of the state of California. The bonds are expected to sell via competitive bid on Oct. 23. The par amount is approximate and will be determined upon final sale. In addition, Fitch affirms the 'A-' rating on approximately $72.6 billion in outstanding GO bonds of the state. The Rating Outlook is Stable. SECURITY General obligations, for which the state pledges its full faith and credit, subject to the prior application of moneys to the support of public education; funds for education represent approximately half of state spending. KEY RATING DRIVERS...
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