What does the Public Finance Division do?
The Public Finance Division (PFD) manages the State’s debt portfolio by overseeing the issuance, monitoring, and servicing of State debt.
PFD is responsible for selling State of California general obligation bonds, commercial paper notes, revenue anticipation notes, lease revenue bonds, revenue bonds, and also serves as agent for sale for various financing authorities.
PFD provides debt administration services for most state bonds and is responsible for disseminating information to bondholders through the Investor Relations Program.
California’s Current General Obligation Credit Ratings
FITCH
AA
MOODY'S
Aa2
S&P
AA-
California’s Current Lease-Revenue Credit Ratings
FITCH
AA-
MOODY'S
Aa3
S&P
A+
Debt Highlights
$71.0 Billion
Amount of total General Obligation (Non-Self Liquidating) bonds outstanding as of February 1, 2026
$40.2 Billion
Amount of General Obligation (Non-Self Liquidating) bonds authorized but not yet borrowed/issued as of February 1, 2026
Quick Links
Your starting point for buying California bonds, accessing market data, and contacting our Public Finance team.
Buy California Bonds
Electronic Municipal Market Access (EMMA)
Contact Public Finance Division
Financing Pools
Financial Information
Access a complete library of financial reports, and disclosure documents related to the State of California's bonds and credit ratings.
Debt Affordability Reports
Explore the central hub for debt affordability reporting published but the Public Finance Division.
Investor Relations
Toll Free Phone Number
1-800-900-3873
