Oakland, California; Tax Secured, General Obligation Sep 01
- ID: 2033784
- September 2001
- Region: California
- Standard & Poors
The 'A' rating on Oakland, Calif.'s taxable pension obligation bonds series 2001 is based on the city's obligation to make debt service payments and reflects its position in the growing and diverse regional economy and sound financial management. Offsetting credit factors include a very high debt burden and loss of flexibility to enhance revenues under Proposition 218. The bonds are secured by the city's general revenues, including a pledge of tax override revenues. Oakland, seven miles from downtown San Francisco, is an integral part of the vibrant and diverse Bay Area economy with many employment opportunities. Leading employers include the county (11,800 employees), federal government (10,500), Oakland Unified School District (7,200), and Kaiser Permanente (6,900). The city has access to...
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Action: New Rating
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