Fitch downgrades CalSTRS credit enhancement program

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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 ...

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