US - Moody's Investors Services has downgraded the long-term credit ratings of the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS) citing severe losses in assets.
Moody's downgraded the pension funds' credit ratings yesterday to Aa3 from Aaa. Moody's senior credit officer Martin Duffy said: "Today's rating action reflects our expectation that the cumulati...
To continue reading this article...
Join Professional Pensions
Become a Professional Pensions Lite Member today
In just a few clicks you can start your free Professional Pensions Lite membership for 12 months, providing you access to:
- Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
- Receive important and breaking news stories via our two daily news alerts
- Hear from industry experts and other forward-thinking leaders
