CalPERS Earns Top Rating From Moody’s
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The California Public Employees’ Retirement System, the largest U.S. public pension fund, earned the highest credit rating from Moody’s Investors Service on the pension plan’s bond insurance program.
Moody’s assigned its Aaa long-term rating and P-1 short-term rating to CalPERS’ $5-billion credit enhancement program, citing conservative underwriting guidelines and the financial backing of the state, which funds state worker pensions.
The program sells letters of credit or bond credit backing to state and local bond issuers as a way to generate income.
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