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Title
Second Quarter 2019 Investment and Debt Report
Overview
The California Government Code authorizes the Orange County Transportation Authority Treasurer to submit a quarterly investment report detailing the investment activity for the period. This investment report covers the second quarter of 2019, April through June, and includes a discussion on the Orange County Transportation Authority’s debt portfolio. Nissan, an issuer for asset-backed securities held by Orange County Transportation Authority, was downgraded from A2 to A3, which is below Orange County Transportation Authority’s investment policy requirement of A2. The asset-backed securities continue to be AAA-rated with no negative price action since the Nissan downgrade, so Orange County Transportation Authority has chosen to retain the securities.
Recommendation(s)
Receive and file the Quarterly Debt and Investment Report prepared by the Treasurer as an information item.