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Outlook On Oakland, CA's GO Bond Rating, SPUR Revised To Negative; Recession's Impact On City Revenues Cited Jun 09
Standard & Poors, June 2009
SAN FRANCISCO (Standard & Poor's) June 16, 2009-- Standard & Poor's Ratings Services revised the outlook to negative on its ratings and underlying ratings (SPURs) on Oakland, Calif.'s general obligation (GO) bonds and Oakland Joint Powers Financing Authority's revenue bonds, issued for the City of Oakland, and affirmed its 'AA-' rating and SPUR on those bonds. Standard & Poor's revised the outlook to negative on its ratings and SPURs on the city's pension obligation bonds and the authority's lease revenue bonds and affirmed its 'A+' rating on those bonds. Finally, Standard & Poor's assigned its 'AA-' rating to the city's series 2009B GO bonds. "Despite what we consider to be strong actions by the city to resolve successive budget gaps...
Companies mentioned in this report are: Oakland,Oakland Jt Pwrs Fing Auth
Action: New Rating
Action: Outlook: Negative
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Oakland,Oakland Jt Pwrs Fing Auth