$34 Million Penalty Latest in California's String of Problems

Williams, Rochelle
July 2003
Bond Buyer;7/28/2003, Vol. 345 Issue 31686, p40
Trade Publication
Reports that state has to pay $34 million for penalty to investment bankers in the wake of Standard & Poor's Corp. downgrade of California's bond rating. Factors in the downgrading of rating of bonds; Opinion of controller Steev Westly on the decline of the rating of bonds; Rating assigned by Fitch Ratings Inc.


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