Rating Lowered To 'CC' From 'BBB+' On San Bernardino, CA's Lease Revenue Bonds; On CreditWatch Negative Jul 12
- Language: English
- Published: July 2012
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SAN FRANCISCO (Standard & Poor's) April 29, 2011-- Standard & Poor's Ratings Services lowered its underlying rating (SPUR) to 'BBB+' from 'A-' on San Bernardino, Calif.'s series 1997A lease revenue refunding bonds, issued by the San Bernardino Joint Powers Financing Authority. The outlook is stable. "The lowered rating reflects our view of the substantial drop in the city's reserve levels that are a result of declines in both sales and use taxes and property taxes during the past two fiscal years," said Standard & Poor's credit analyst Li Yang. "Should the city's reserve levels rise to good levels, we would consider raising the rating. However, should revenue declines continue during the next two fiscal years, resulting in further reductions to...
Companies mentioned in this report are: San Bernardino,San Bernardino Jt Pwrs Fin Auth
Action: Outlook: Stable
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