Summary: Oakland, California; Appropriations; General Obligation Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services revised the outlook to stable from negative on its ratings and underlying ratings (SPURs) on Oakland, Calif.'s general obligation (GO) bonds and pension obligation bonds (POBs) and Oakland Joint Powers Financing Authority's revenue bonds. The rating action reflects our view of management's budgetary actions that have allowed the city to maintain what we consider to be still very strong reserve levels despite the recession's impact on local revenue and resulting successive budget gaps. At the same time, Standard & Poor's affirmed its 'AA-' rating and SPUR on the GO bonds, its 'AA-' SPUR on the revenue bonds, and its 'A+' SPUR on the POBs. The ratings are supported by our view of the following credit...

Companies mentioned in this report are: Oakland,Oakland Jt Pwrs Fing Auth
Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Oakland,Oakland Jt Pwrs Fing Auth

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