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Jump to full article: Business Wire, 2009-03-31
Intro: Golden State entered into a forward purchase agreement with Lehman Brothers Special Financing Inc. (LBSFI) to invest moneys held in the above-referenced series 2007 bond's reserve fund. LBSFI, which filed for bankruptcy on Oct. 3, 2008, was unable to fulfill its obligations under the agreement. Golden State reinvested the funds held in the reserve fund with eligible investments pursuant to the indenture, and Fitch subsequently removed the series 2007 bonds from Rating Watch Negative.
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