New York, April 20, 2016 -- Moody's Investors Service has affirmed the letter of credit (LOC) backed Aa1/VMIG 1 ratings of the State of California Kindergaten-University Public Education Facilities Bonds Series 2003B-1, 2003B-2, 2003B-3, and 2003B-4 (collectively the Bonds) in conjunction with the substitution of the existing LOC provided by JPMorgan Chase Bank and the California Public Employees' Retirement System on a several not joint basis with an LOC to be provided by Bank of America, N.A. (the Bank) effective April 27, 2016.
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