The largest sale of the week, set for Thursday, is $968.24 million in tax-exempt and taxable debt from the Regents of the University of California, with Wells Fargo Securities acting as lead underwriter. More than half of the deal, $559.5 million, will be tax-exempt. The higher education system’s negligible operating margin led Fitch Ratings to cut its credit score last month to AA from AA-plus. The University of California institutions were long considered a point of pride in the Golden State, but California’s years-long budget battles caused funding for the system to fall and its operations to suffer.

Read full article [here].
by Lisa Lambert, Reuters.

Posted: March 28th, 2014, by: admin. Categories: . Awaiting Comments.