Standard & Poor's Ratings Services lowered its issuer credit rating (ICR) to 'SD' (selective default) from 'CC' on Stockton, Calif. In addition, Standard & Poor's kept its 'CC' issue ratings on certain series of appropriation-backed obligations and pension obligation bonds of the city and the Stockton Public Financing Authority or Stockton Redevelopment Agency on CreditWatch with negative implications, where they were placed on Feb. 24, 2012. The lowering of the ICR reflects our view of the city's nonpayment on March 1, 2012 of its lease payments that were to back certain lease revenue bonds. On March 1, 2012, debt service amounts were due on four series for which the city is obligor: Series 2004 lease revenue bonds (parking and capital...
Companies mentioned in this report are:
- Stockton Pub Fincg Auth
- Stockton Redev Agy
Action: On CreditWatch:Negative
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