Interzoid Municipal Issuer Profile API

{
  "input": {
    "type": "http",
    "method": "GET",
    "queryParams": {
      "lookup": "State of California"
    }
  },
  "output": {
    "type": "object"
  }
}

{
  "Code": "Success",
  "State": "California",
  "Credits": "0",
  "IssuerName": "State of California",
  "IssuerType": "State",
  "Population": "Approximately 39 million residents",
  "IssuerProfile": "The State of California is the most populous U.S. state and the world's fifth-largest economy, with a diverse economic base spanning technology, agriculture, entertainment, aerospace, and manufacturing. The state operates extensive infrastructure including the nation's largest public university systems (UC and CSU), vast transportation networks, water systems, and social services programs. California's economy is characterized by significant income inequality and high concentrations of wealth, particularly from technology and capital gains, making state revenues highly volatile and dependent on economic cycles. The state has undergone significant fiscal reforms since the Great Recession, including constitutional budget stabilization requirements and improved fiscal management practices that have been institutionalized across administrations.",
  "NotableEvents": "No notable adverse events on record. The state experienced severe fiscal stress during the Great Recession (2008-2012), including the use of IOUs for payments and significant rating downgrades to near-junk levels, but has since recovered with substantial rating upgrades. The state has implemented significant fiscal reforms including Proposition 2 (2014) establishing stronger budget stabilization requirements. Recent budget challenges from post-COVID revenue volatility have been managed without major credit events.",
  "EMMAReferenceURL": "https://emma.msrb.org",
  "MSRBReferenceURL": "https://www.msrb.org",
  "KeyRevenueSources": "Personal income tax (the state's largest revenue source at approximately 27.5% of total state and local tax revenue), sales and use tax, corporate income tax, and various smaller taxes and fees. The state's heavy reliance on personal income tax, particularly from high earners and capital gains, creates significant revenue volatility. Property taxes are primarily a local revenue source in California. State revenues are highly dependent on the top 10% of earners who pay approximately 75% of income tax collections.",
  "PensionAndOPEBNotes": "The state participates in CalPERS (California Public Employees' Retirement System) for most employees and CalSTRS (California State Teachers' Retirement System) for educators. CalPERS reported approximately 84% funded status as of 2024, with the state's share of unfunded pension liabilities estimated over $100 billion. The state has significant OPEB (Other Post-Employment Benefits) liabilities primarily for retiree healthcare, with unfunded obligations estimated at $100+ billion. The state has implemented OPEB prefunding through the California Employers' Retiree Benefit Trust (CERBT) with employee and employer contributions, though some recent labor agreements have suspended contributions. Pension reform measures enacted in the 2010s (PEPRA) apply to new employees hired after 2013.",
  "TypicalSecurityTypes": "General Obligation (GO) bonds backed by the state's full faith and credit and general taxing power, Lease Revenue Bonds secured by lease payments for state facilities, Revenue bonds for specific projects (such as infrastructure and housing programs), Tax-Exempt Commercial Paper for short-term financing needs, and various special revenue bonds for dedicated purposes. GO bonds require voter approval and constitute the majority of the state's outstanding debt.",
  "GeneralCreditStanding": "Current ratings are Moody's Aa2, S&P AA-, and Fitch AA with stable outlooks as of recent rating actions. Moody's revised its outlook to stable from negative in December 2024, citing easing fiscal challenges. The state has experienced significant rating improvements since the Great Recession, rising from near-junk levels in 2009-2010 to current strong investment-grade ratings. Credit strengths include the massive, diverse economy, improved fiscal management practices, and substantial reserves. Key credit challenges include high pension and OPEB liabilities, revenue volatility from dependence on high earners and capital gains, and cyclical budget pressures. Note that ratings may have changed since this information was compiled - investors should check EMMA or rating agency websites for current ratings.",
  "OutstandingDebtOverview": "The state has approximately $79-82 billion in outstanding general obligation and lease revenue bonds as of 2024-2025, with an additional $30-50 billion in voter-authorized but unissued bonds. Annual debt service payments are approximately $8 billion. The state typically issues $7-8 billion annually in GO bonds, with significant portions often used for refunding to achieve debt service savings. Recent major bond authorizations include $20 billion approved by voters in November 2024 for school facilities and climate programs. The state maintains relatively stable debt levels after adjusting for inflation, following significant increases in the mid-2000s."
}

{
  "type": "json",
  "example": {
    "Code": "Success",
    "State": "California",
    "Credits": "0",
    "IssuerName": "State of California",
    "IssuerType": "State",
    "Population": "Approximately 39.1 million residents (2024)",
    "EMMAReferenceURL": "https://emma.msrb.org/IssuerHomePage/Issuer?id=CASTATE",
    "TypicalSecurityTypes": "General Obligation (GO) bonds; Lease Revenue Bonds via SPWB; revenue bond programs for water, housing, transportation",
    "GeneralCreditStanding": "Moody's Aa2, S&P AA-, Fitch AA",
    "OutstandingDebtOverview": "Approximately $75 billion in general obligation debt outstanding"
  }
}