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CALIFORNIA STATE PUBLIC WORKS BOARD REFUNDED BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 6 /PRNewswire/ -- Various refunded maturities of certain series of the State Public Works Board of California's Lease Revenue Bonds (The Regents of the University of California) and High Technology Facilities Lease Revenue Bonds (The Regents of the University of California) are raised to 'AAA' from 'A+' by Fitch.
 The rating change affects maturities of several series of bonds as detailed below and results from the bonds being refunded from proceeds of the State Public Works Board of the State of California, Lease Revenue Refunding Bonds (The Regents of the University of California), 1993 Series A (Various University of California Projects). The refunded bonds are secured by noncallable U.S. government obligations held in an irrevocable escrow. Mathematical verification of the sufficiency of the cashflows in the escrow was performed by McGladrey & Pullen.
 All refunded maturities are whole maturities, and will be called on their first optional redemption dates at a price of 102. Details for each of the board's refunded maturities in each series, are as follows:
 -- High Technology Facilities Lease Revenue Bonds, 1987 Series A
 (Santa Barbara Campus Engineering Facility), dated Nov. 1, 1987:
 $7,995,000 term bonds due on Feb. 1, 2008 will be called
 on Feb. 1, 1998.
 -- High Technology Facilities Lease Revenue Bonds, 1988 Series A
 (Berkley Campus Life Sciences Facility), dated Oct. 1, 1988:
 $2,795,000 serial bonds due on March 1, 2003, $3,000,000
 serial bonds due on March 1, 2004, and $18,760,000 term bonds
 due March 1, 2009 will be called on March 1, 1998.
 -- Lease Revenue Bonds, 1990 Series A (Various University of
 California Projects), dated Oct. 1, 1990: $32,340,000 term
 bonds due on Sept. 1, 2010, and $102,890,000 term bonds due on
 Sept. 1, 2015 will be called on Sept. 1, 2000.
 -- Lease Revenue Bonds, 1992 Series A (Various University of
 California Projects), dated Dec. 1, 1992: $152,770,000 term
 bonds due on Dec. 1, 2022 will be called on Dec. 1, 2002.
 -0- 12/6/93
 /CONTACT: David C. Pink of Fitch, 212-908-0678/


CO: ST: California IN: SU: RTG

MP -- NY100 -- 0945 12/06/93 16:31 EST
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Publication:PR Newswire
Date:Dec 6, 1993
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