US - Fitch Ratings has downgraded the rating assigned to the Credit Enhancement Programme (CEP) sponsored by the California State Teachers Retirement System (CalSTRS) to AA+ from AAA.
The rating agency said its decision reflected the steep decline in CalSTRS funding ratio due to investment losses, coupled with the fact that contribution rates are set not by CalSTRS - but by the ...
To continue reading this article...
Join Professional Pensions
Become a Professional Pensions Lite Member today
- 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