US - Fitch Ratings has rated the credit enhancement programmes (CEP) offered by California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS) "AAA" and "AA+", respectively.
The programmes allow CalPERS and CalSTRS to bring in additional fees by essentially lending their good credit ratings to back national municipalities wanting to sell state bonds. Fitch affirmed ...
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