California State is a state in CA with $63.7B of municipal debt on EMMA record across 1,507 securities maturing through 2055. Its debt is rated Aa2 by Moody's and AA- by S&P. It is among the largest issuers in CA by debt outstanding and has reported continuing disclosure to EMMA as recently as May 2026.
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par maturing by yearCredit ratings
agency-stated| Agency | Rating | Par | Share | CUSIPs |
|---|---|---|---|---|
| Moody's | Aa2 | $14.3B | 100.0% | 170 |
| Aaa | — | 0.0% | 4 | |
| S&P | AA- | $5.4B | 89.4% | 90 |
| AA+ | $608.7M | 10.2% | 11 | |
| AA | $28.3M | 0.5% | 2 | |
| KBRA | AA | $233.5M | 100.0% | 4 |
| AA+ | — | 0.0% | 1 |
Par-weighted mix of agency grades across the outstanding securities EMMA lists for this issuer; shares are of each agency’s rated par. A split usually reflects distinct liens or credits under one issuer, not disagreement about a single credit.
Debt overview
EMMA-derivedMarket activity
EMMA · secondary trades · latest Nov 24, 2025Outstanding securities
1,507 · showing first 250 by maturityRecent rating actions
Moody's · S&P · Fitch · KBRARating actions as disclosed by the issuer to the MSRB’s EMMA system under SEC Rule 15c2-12; the ratings are the opinions of the respective rating agencies (Moody's, S&P Global Ratings, Fitch Ratings, KBRA). Dates are the rating-action dates stated in each notice.
Reporting reliability
Annual reporting history
2 years on EMMAContinuing disclosure
24 recentDocument library
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