OREANDA-NEWS. Fitch Ratings assigns a rating of 'AAApre' to the following State Public Works Board of the State of California (Trustees of the California State University) lease revenue bonds:

--$37,635,000 2006 series G (Physical Science Replacement Building, Wing A, Los Angeles Campus) (2006G bonds);

--$45,135,000 2009 series D (Monterey Bay Campus Library) (2009D bonds);

--$139,750,000 2009 series J (J. Paul Leonard & Sutro Library) (2009J bonds);

--$96,085,000 2011 series B (various California State University Projects) (2011B bonds);

--$110,555,000 2012 series D (various California State University Projects) (2012D bonds);

--$49,265,000 2012 series E (California State University: various Buildings) (2012E bonds);

--$163,310,000 2013 series H (various California State University Projects) (2013 H bonds).

These bonds were refunded on April 20, 2016, with proceeds of the Trustees of the California State University systemwide revenue bonds, series 2016A, B-1, B-2 and B-3 and funds previously securing the refunded bonds. The Rating Outlook is Stable.

KEY RATING DRIVERS:

The 'AAApre'/Outlook Stable rating is based on the pledge of securities in the separate irrevocable escrow funds securing each series of refunded bonds and reflects the lien of the refunded bondholders on a respective escrow trust fund and that all amounts have been invested in direct non-callable obligations of the United States. The U. S. full faith and credit is currently rated 'AAA'/Outlook Stable by Fitch.

The ratings apply to the refunded bonds referenced above and by CUSIP numbers, below.

Pursuant to seven separate irrevocable escrow agreements, the State Treasurer, acting as escrow agent, holds seven separate special irrevocable escrow funds, for the benefit of the respective series of refunded bondholders. All cash and securities held in each respective fund are pledged irrevocably to the payment when due of principal upon maturity or earlier redemption and interest, on the related refunded bonds. In the future, any substitute or additional investments must be limited to direct non-callable U. S. government obligations. The refunded bonds will be escrowed to maturity or redeemed at par plus accrued interest as follows: 2006G bonds on Nov. 1, 2016; 2009D bonds on April 1, 2019; 2009J bonds on Nov. 1, 2019; 2011B on Oct. 1, 2021; 2012D and 2012E bonds on Sept. 1, 2022; and 2013H bonds on Sept. 1, 2023.

Causey Demgen & Moore P. C. verified the mathematical accuracy of computations relating to the adequacy of income from escrowed funds to pay debt service requirements of the refunded bonds. These computations were contained in schedules provided to them by Barclays Capital Inc., underwriter for the refunding bonds. According to the verification report, the securities and cash deposited will produce amounts necessary for timely payment of the principal and interest on the refunded bonds. Prior to accepting substitute investments or disbursing funds, the escrow agent must receive a new report verifying the continued sufficiency of escrowed funds to meet all future payments of principal and interest on the refunded bonds when due.

RATING SENSITIVITIES

The rating is exclusively tied to the U. S. sovereign creditworthiness and will reflect all changes to that rating.

The 'AAApre'/Outlook Stable rating applies to the bonds with the following CUSIP numbers:

1306845V1

1306845W9

1306845X7

1306845Y5

1306845Z2

1306846A6

1306846B4

1306846C2

1306846D0

1306846E8

1306846J7

1306846F5

1306846G3

1306846H1

130685TP5

130685TQ3

130685TR1

130685TS9

130685TT7

130685TU4

130685TV2

130685TW0

130685TX8

130685TY6

130685TZ3

130685UA6

130685UB4

130685UC2

130685YT1

130685YU8

130685YV6

130685YW4

130685YX2

130685YY0

130685YZ7

130685ZA1

130685ZB9

130685ZE3

130685ZF0

130685ZC7

130685ZD5

130685K41

130685K58

130685K66

130685M56

130685K74

130685K82

130685K90

130685L24

130685L32

130685L57

130685L65

130685L73

130685M49

130685L81

130685L99

130685M23

130685M31

130685L40

1306854W7

1306854X5

1306854Y3

1306854Z0

1306855A4

1306855B2

1306855C0

1306855D8

1306855E6

1306855F3

1306855G1

1306855H9

1306855J5

1306855K2

1306855L0

1306855M8

1306855N6

1306855P1

1306855Q9

1306855R7

1306855S5

1306855T3

1306855X4

1306855Y2

1306855Z9

1306856A3

1306856B1

1306856C9

1306856D7

1306856E5

1306856F2

1306856G0

1306856H8

1306856J4

1306856K1

1306856L9

1306856M7

1306856N5

1306856P0

1306856T2

1306856Q8

1306856R6

1306856S4

13068LJK2

13068LJL0

13068LJM8

13068LJN6

13068LJP1

13068LJQ9

13068LJR7

13068LJS5

13068LJT3

13068LJU0

13068LJV8

13068LJW6

13068LJX4

13068LKF1

13068LJY2

13068LJZ9

13068LKG9

13068LKA2

13068LKB0

13068LKC8

13068LKE4

13068LKD6