EFTA Document EFTA01378356

Municipal Credit > Investment Grade State of California Updated: Oct 31, 2015 Trade Idea: 0 Buy state of California general obligation bonds. Investment Rationale: o Security: The bonds are general obligations to which the state of California pledges its full faith and credit. Debt service is second in line of priority payments only behind K-12 and higher education funding. o Large, diverse, and dynamic economy. The state has the eighth largest economy in the world. Real GDP= $2.3 trilli