Published: Monday, Oct. 22, 2012 - 12:00 am
| Page 3A
Approximately $14.3 billion of debt affected
Moody's Investors Service has placed under review the lease-backed obligation
and/or general obligation ratings of 32 cities in California, and has
downgraded the pension obligation bonds of eight cities and one pooled
financing.
The reviews are mostly for
downgrade, although the general obligation bond ratings of Los Angeles (AA3)
and San Francisco (AA2) are on review for upgrade. A total of ten issuers'
pension obligation bonds (including the pooled financing) are under review for
possible downgrade, including eight that were downgraded with this rating
action.
The reviews and downgrades reflect a
combination of fundamental economic pressures in the state, the different way
in which various revenue sources have been affected and the factors that
influence a city's ability and willingness to pay the obligations backed by
these revenue sources. Most affect securities that are paid from a city's
general funds and do not benefit from a specific pledged revenue source.
Moody's identified these securities
as part of an overall review begun in mid-August of the credit standing of 95
rated cities in California.
A full list of ratings affected
follows below.
RATING RATIONALE
Today's downgrades and reviews are
based on the trends noted in Moody's August 17, 2012 Special Comment, "Why
Some California Cities are Choosing Bankruptcy." These include the effects
of the recent economic and property market downturns, limitations on the
cities' ability to raise property taxes, rising fixed costs, and state laws and
local precedents that make bankruptcy filings a potentially viable means to
address these pressures.
"California cities operate
under more rigid revenue raising constraints than cities in many other parts of
the country," says Senior Vice President Eric Hoffmann, who heads Moody's
California local government ratings team. "Combined with steeply rising
costs, these constraints mean that these cities will likely recover more slowly
than their peers nationally, even if the state's economic recovery tracks the
nation's."
A few recent high-profile bankruptcy
filings by cities in the state demonstrate that the willingness of some cities
to continue to cut costs and associated municipal services to pay debt
obligations may be eroding. For the most part, this affects the debt
obligations that are paid out of a city's general fund, such as pension
obligation bonds and leased-backed obligations, and that must compete with
other priorities for payment.
"Many cities' assessed
valuations for the property taxes that support their general obligation bonds
have declined only modestly in recent years, but their general funds have come
under significantly more pressure," Moody's Hoffmann says. "Since the
adoption of Proposition 13 in the late 1970's, the cities' inability to access
their local property tax bases for increased operating funds led to
diversification into even more economically- sensitive revenue sources, such as
sales, business and hotel taxes.
These trends have prompted the
review for downgrade of 27 cities' lease-backed obligations paid from cities'
general funds. The pension obligation bonds (POBs) of nine issuers, also
primarily paid from cities' general funds, were downgraded, and eight of these,
along with one other city's POBs, remain under review for possible further
downgrade. In the event of a default or bankruptcy, lease-backed debt,
especially for an essential asset, could be more likely to be paid than pension
obligations.
Moody's also placed under review for
downgrade the general obligation ratings of nine cities, eight of which are
rated in the Aaa to Aa range.
"Although the risks of a
general obligation bond default are lower than the risks of a general fund
default, they still exist for cities pressured by stagnant revenues and rising
fixed costs, and with relatively easy access to bankruptcy protection in
California," Moody's Hoffmann says. "These risks may be inconsistent
with these cities' current high ratings."
In contrast, Moody's placed the
general obligation bond ratings of Los Angeles and San Francisco under review
for upgrade as a reflection of significant tax bases that have demonstrated
relative resiliency during the economic and property market downturns.
WHAT COULD MOVE THE RATINGS UP OR DOWN
Negative factors that could drive
downgrades of California cities include economic weakening, revenues failing to
keep pace with expenditure growth, and declines in fund balance. Weakness in
general fund finances could also result in a widening of the notching between
ratings on a city's POBs and lease-backed obligations and its general obligation
rating. Positive factors that could move ratings up include robust tax base
growth, a balance between revenue and expenditure growth, and growth in fund
balances.
For more information, see today's
report "Key Drivers of California Cities' Rating Actions and Reviews"
and Moody's August 17 report "Why Some California Cities are Choosing
Bankruptcy."
The principal methodologies used in
these ratings were General Obligation Bonds Issued by U.S. Local Governments
published in October 2009 and The Fundamentals of Credit Analysis for
Lease-Backed Municipal Obligations published in October 2004.
TODAY'S RATING ACTIONS FOR CALIFORNIA CITIES:
1.
AZUSA
Issuer Rating: A2 Rating under review for downgrade
Issuer Rating: A2 Rating under review for downgrade
2003 Lease Revenue Refunding
Certificates of Participation $4.8 million
BAA1 Rating under review for downgrade
BAA1 Rating under review for downgrade
2.
BERKELEY
2003 Certificates of Participation: $28
million
AA3 Rating under review for downgrade
2010 Certificates of Participation (Animal Shelter Financing): $5.8 million
AA3 Rating under review for downgrade
Lease Revenue Bonds Series 1999: $9.1 million
A1 Rating under review for downgrade
AA3 Rating under review for downgrade
2010 Certificates of Participation (Animal Shelter Financing): $5.8 million
AA3 Rating under review for downgrade
Lease Revenue Bonds Series 1999: $9.1 million
A1 Rating under review for downgrade
3.
COLMA
Certificates
of Participation, 2003: $14.9 million
A1 Rating
under review for downgrade
4.
DANVILLE
Certificates of Participation (2005
Capital Improvement Project): $5.6 million
AA2 Rating under review for downgrade
AA2 Rating under review for downgrade
5.
DOWNEY
Taxable Pension Obligation Bonds,
2005 Series A: $20.6 million
A2 Rating under review for downgrade (Downgraded from A1/No Outlook)
A2 Rating under review for downgrade (Downgraded from A1/No Outlook)
6.
FRESNO
Taxable Pension Obligation Bonds, Refunding Series of 2002: $205.3 million
BAA2 Rating under review for downgrade (Downgraded from Baa1/Negative Outlook)
Taxable Pension Obligation Bonds, Refunding Series of 2002: $205.3 million
BAA2 Rating under review for downgrade (Downgraded from Baa1/Negative Outlook)
Judgment Obligation Refunding Bonds,
Series 2002: $5.4 million
BAA2 Rating under review for downgrade (Downgraded from BAA1/Negative Outlook)
BAA2 Rating under review for downgrade (Downgraded from BAA1/Negative Outlook)
Lease Revenue Refunding Bonds
(Street Light Acquisition Project), Series 2002: $7.9 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Various Capital Projects) Series 2004A: $15.8 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Various Capital Projects) Series 2004BL $8.1 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Various Capital Projects) Series 2004C (Federally Taxable): $28.9 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Convention Center Improvement Projects) Series 2006A: $15.4 million
BAA2 Rating under review for downgrade
Lease Revenue Refunding Bonds (Master Lease Projects), Series 2008A: $38.6 million
BAA2 Rating under review for downgrade
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Various Capital Projects) Series 2004A: $15.8 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Various Capital Projects) Series 2004BL $8.1 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Various Capital Projects) Series 2004C (Federally Taxable): $28.9 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Convention Center Improvement Projects) Series 2006A: $15.4 million
BAA2 Rating under review for downgrade
Lease Revenue Refunding Bonds (Master Lease Projects), Series 2008A: $38.6 million
BAA2 Rating under review for downgrade
Series 2008C: $36.1 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Master Lease Projects), Series 2008 E: $3.4 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Master Lease Projects), Series 2008 F: $21.4 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Police and Fire Master Lease Projects) Series 2009A: $43.4 million
BAA2 Rating under review for downgrade
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Master Lease Projects), Series 2008 E: $3.4 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Master Lease Projects), Series 2008 F: $21.4 million
BAA2 Rating under review for downgrade
Lease Revenue Bonds (Police and Fire Master Lease Projects) Series 2009A: $43.4 million
BAA2 Rating under review for downgrade
7.
GLENDALE
Issuer Rating: AA1 Rating under review for downgrade
Variable Rate Demand Certificates of Participation, Series 2000C (2000 Police Building Project): $50 million
AA2 Rating under review for downgrade
Issuer Rating: AA1 Rating under review for downgrade
Variable Rate Demand Certificates of Participation, Series 2000C (2000 Police Building Project): $50 million
AA2 Rating under review for downgrade
8.
HUNTINGTON BEACH
Judgment Obligation Bonds, Series 2004: $12.5 million
AA3 Rating under review for downgrade (Downgraded from AA2/No Outlook)
Judgment Obligation Bonds, Series 2004: $12.5 million
AA3 Rating under review for downgrade (Downgraded from AA2/No Outlook)
9.
INGLEWOOD
Pension Obligation Bonds, 2005 Series A, Series B and (Forward Delivery) Series C:
$65 million
A3 Rating under review for downgrade
Current Interest Refunding Bonds: $18.9 million
BAA1 Rating under review for downgrade
Capital Appreciation Bonds: $11.9 million
BAA1 Rating under review for downgrade
Pension Obligation Bonds, 2005 Series A, Series B and (Forward Delivery) Series C:
$65 million
A3 Rating under review for downgrade
Current Interest Refunding Bonds: $18.9 million
BAA1 Rating under review for downgrade
Capital Appreciation Bonds: $11.9 million
BAA1 Rating under review for downgrade
10.LONG BEACH
Issuer Rating: AA2 Rating under review for downgrade
Lease Revenue Bonds, 2006 Series B: $24.3 million
A1 Rating under review for downgrade
Lease Revenue Refunding Bonds, 2006 Series A (Rainbow Harbor Refinancing Project): $50.8 million
A1 Rating under review for downgrade
Lease Revenue Refunding Bonds Series 2003A (Non-AMT) & Series 2003B (AMT): $120.2 million
A1 Rating under review for downgrade
Lease Revenue and Refunding Bonds (Temple & Willow Facility) 1998 Series B: $29.6 million
A1 Rating under review for downgrade
Issuer Rating: AA2 Rating under review for downgrade
Lease Revenue Bonds, 2006 Series B: $24.3 million
A1 Rating under review for downgrade
Lease Revenue Refunding Bonds, 2006 Series A (Rainbow Harbor Refinancing Project): $50.8 million
A1 Rating under review for downgrade
Lease Revenue Refunding Bonds Series 2003A (Non-AMT) & Series 2003B (AMT): $120.2 million
A1 Rating under review for downgrade
Lease Revenue and Refunding Bonds (Temple & Willow Facility) 1998 Series B: $29.6 million
A1 Rating under review for downgrade
11.LOS ANGELES
General Obligation Bonds: $3.17 billion
AA3 Rating under review for upgrade
Judgment Obligation Bonds, Series 2009-A: $20.5 million
A2 Stable (Downgraded from A1/Stable Outlook)
Judgment Obligation Bonds, Series 2010-A: $50.9 million
A2 Stable (Downgraded from A1/Stable Outlook)
General Obligation Bonds: $3.17 billion
AA3 Rating under review for upgrade
Judgment Obligation Bonds, Series 2009-A: $20.5 million
A2 Stable (Downgraded from A1/Stable Outlook)
Judgment Obligation Bonds, Series 2010-A: $50.9 million
A2 Stable (Downgraded from A1/Stable Outlook)
12.LOS GATOS
Issuer Rating: AA1 Rating under review for downgrade
2010 Certificates of Participation (Library Project): $15.7 million
AA2 Rating under review for downgrade
Certificates of Participation Series 2002 A (Capital Improvement Project): $10.7 million
Issuer Rating: AA1 Rating under review for downgrade
2010 Certificates of Participation (Library Project): $15.7 million
AA2 Rating under review for downgrade
Certificates of Participation Series 2002 A (Capital Improvement Project): $10.7 million
AA2 Rating under review for
downgrade
13.MARTINEZ
Certificates of Participation (2003
Refinancing Project): $7.8 million
AA3 Rating under review for downgrade
14.MONTEREY
Monterey Joint Powers Finance Authority
Lease Revenue Dated 3-1-94: $4.1 million
AA3 Rating under review for
downgrade
Lease Revenue Bonds, Series 2002: $9.9
million
A1 Rating under review for downgrade
15.OAKLAND
Taxable Pension Obligation Bonds,
Series 2001: $195.6 million
AA3 Rating under review for
downgrade (Downgraded from AA2/Stable Outlook)
Refunding Revenue Bonds, 2005 Series
A-1 (Auction Rate Securities) (Tax-Exempt); Refunding Revenue Bonds, 2005
Series A-2 (Auction Rate Securities) (Taxable) & 2005 Series B (Auction
Rate Securities) (Taxable Bonds): $145 million
A1 Rating under review for downgrade (Downgraded from AA3/Stable Outlook) Lease Revenue Refunding Bonds, 2008 Series A-1 (Tax-Exempt): $107.6 million
A1 Rating under review for downgrade (Downgraded from AA3/Stable Outlook) Lease Revenue Refunding Bonds, 2008 Series A-2 (Federally Taxable): $20.3 million
A1 Rating under review for downgrade (Downgraded from AA3/Stable Outlook) Taxable Pension Obligation Bonds, Series 2012A: $212.5 million
A1 Rating under review for downgrade (Downgraded from AA3/Stable Outlook)
A1 Rating under review for downgrade (Downgraded from AA3/Stable Outlook) Lease Revenue Refunding Bonds, 2008 Series A-1 (Tax-Exempt): $107.6 million
A1 Rating under review for downgrade (Downgraded from AA3/Stable Outlook) Lease Revenue Refunding Bonds, 2008 Series A-2 (Federally Taxable): $20.3 million
A1 Rating under review for downgrade (Downgraded from AA3/Stable Outlook) Taxable Pension Obligation Bonds, Series 2012A: $212.5 million
A1 Rating under review for downgrade (Downgraded from AA3/Stable Outlook)
16.OCEANSIDE
Taxable Pension Obligation Bonds, Series 2005: $17.7 million
Taxable Pension Obligation Bonds, Series 2005: $17.7 million
A1 Rating under review for downgrade
(Downgraded from AA3/Negative Outlook) Taxable Pension Obligation Bonds, Series
2005: $25.1 million
A1 Rating under review for downgrade (Downgraded from AA3/Negative Outlook) 2003 Certificates of Participation (1993A Refunding): $25.2 million
AA3 Rating under review for downgrade
A1 Rating under review for downgrade (Downgraded from AA3/Negative Outlook) 2003 Certificates of Participation (1993A Refunding): $25.2 million
AA3 Rating under review for downgrade
17.PALMDALE
Certificates of Participation (2002 Park Improvement and Avenue S Construction Project): $43.2 million
A1 Rating under review for downgrade
Certificates of Participation (2002 Park Improvement and Avenue S Construction Project): $43.2 million
A1 Rating under review for downgrade
18.PETALUMA
2003 Certificates of Participation (Refunding Certificates and Airport Project): $6.3 million
BAA2 Rating under review for downgrade
2003 Certificates of Participation (Refunding Certificates and Airport Project): $6.3 million
BAA2 Rating under review for downgrade
19.RANCHO MIRAGE
Lease Revenue Bonds, Series 2005A (Public Facilities Project): $5.9 million
AA2 Rating under review for downgrade
Lease Revenue Bonds, Series 2005A (Public Facilities Project): $5.9 million
AA2 Rating under review for downgrade
20.REDONDO BEACH
Refunding Revenue Bonds 2008 Series A: $7.7 million
AA2 Rating under review for downgrade
Refunding Revenue Bonds 2008 Series A: $7.7 million
AA2 Rating under review for downgrade
21.SACRAMENTO
Issuer Rating: AA2 Rating under review for downgrade
2006 Capital Improvement Revenue Bonds, Series C (300 Richards Boulevard Building Acquisition): $28.8 million
AA3 Rating under review for downgrade
2006 Taxable Capital Improvement Revenue Bonds, Series D (300 Richards Boulevard Building Acquisition): $2.4 million
AA3 Rating under review for downgrade
Issuer Rating: AA2 Rating under review for downgrade
2006 Capital Improvement Revenue Bonds, Series C (300 Richards Boulevard Building Acquisition): $28.8 million
AA3 Rating under review for downgrade
2006 Taxable Capital Improvement Revenue Bonds, Series D (300 Richards Boulevard Building Acquisition): $2.4 million
AA3 Rating under review for downgrade
2006 Refunding Revenue Bonds, Series
E (Master Lease Program Facilities): $187 million
AA3 Rating under review for downgrade
2006 Capital Improvement Revenue Bonds, Series A and 2006 Series B Taxable: $151.1 million
AA3 Rating under review for downgrade
2006 Capital Improvement Revenue Bonds, Series A and 2006 Series B Taxable: $151.1 million
AA3 Rating under review for
downgrade
2003 Capital Improvement Revenue Bonds (911 Call Center and Other Municipal Projects): $68.5 million
AA3 Rating under review for downgrade
2003 Capital Improvement Revenue Bonds (911 Call Center and Other Municipal Projects): $68.5 million
AA3 Rating under review for downgrade
22.SAN FRANCISCO
General Obligation Bonds: $2.98 billion
General Obligation Bonds: $2.98 billion
AA2 Rating under review for upgrade
Lease Revenue Bonds, Series 1992 (George R. Moscone Convention Center): $100.3 million
AA3 Rating under review for downgrade Lease Revenue Refunding Bonds, Series 2008-1 (LOC): $72.6 million
AA3 Rating under review for downgrade
Lease Revenue Refunding Bonds, Series 2008-2 (LOC): $72.6 million
AA3 Rating under review for downgrade
Lease Revenue Bonds, Series 2009 A (Branch Library Improvement Program): $34.3 million
AA3 Rating under review for downgrade
Lease Revenue Refunding Bonds, Series 2010-R1 (911 Information and Communications System): $22.3 million
AA3 Rating under review for downgrade
Refunding Certificates of Participation, Series 2010A: $138.5 million
AA3 Rating under review for downgrade
Refunding Certificates of Participation, Series 2011A (Moscone Center South Refunding Project): $23.1 million
Lease Revenue Bonds, Series 1992 (George R. Moscone Convention Center): $100.3 million
AA3 Rating under review for downgrade Lease Revenue Refunding Bonds, Series 2008-1 (LOC): $72.6 million
AA3 Rating under review for downgrade
Lease Revenue Refunding Bonds, Series 2008-2 (LOC): $72.6 million
AA3 Rating under review for downgrade
Lease Revenue Bonds, Series 2009 A (Branch Library Improvement Program): $34.3 million
AA3 Rating under review for downgrade
Lease Revenue Refunding Bonds, Series 2010-R1 (911 Information and Communications System): $22.3 million
AA3 Rating under review for downgrade
Refunding Certificates of Participation, Series 2010A: $138.5 million
AA3 Rating under review for downgrade
Refunding Certificates of Participation, Series 2011A (Moscone Center South Refunding Project): $23.1 million
AA3 Rating under review for
downgrade
Refunding Certificates of
Participation, Series 2011B (Moscone Center South Refunding Project): $63.4
million
AA3 Rating under review for
downgrade
Certificates of Participation,
Series 2001A (30 Van Ness Avenue Property) and Series 2001B (Taxable): $37.2
million
A1 Rating under review for downgrade
Certificates of Participation Series
2003 (Juvenile Hall Replacement Project): $42.0 million
A1 Rating under review for downgrade
2004 Refunding Certificates of
Participation (San Francisco Courthouse Project): $39.7 million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2006
(Open Space Fund- Various Park Projects): $27.0 million
A1 Rating under review for downgrade
Certificates of Participation,
Series 2007A (City Office Building - Multiple Properties Project) and Taxable
Series 2007B (City Office Building - Multiple Properties Project): $152.1
million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2007A: $11.8 million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2007A (Open Space Fund - Various Park Projects): $42.4 million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2008A: $12.0 million
A1 Rating under review for downgrade
Certificates of Participation, Series 2009 (Laguna Honda Hospital Project): $163.3 million
A1 Rating under review for downgrade
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2007A: $11.8 million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2007A (Open Space Fund - Various Park Projects): $42.4 million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2008A: $12.0 million
A1 Rating under review for downgrade
Certificates of Participation, Series 2009 (Laguna Honda Hospital Project): $163.3 million
A1 Rating under review for downgrade
Certificates of Participation,
Series 2009B (Multiple Capital Improvement Projects): $37.9 million
A1 Rating under review for downgrade
Certificates of Participation, Series 2009C (525 Golden Gate Avenue SFPUC Office Project): $38.1 million
A1 Rating under review for downgrade
Certificates of Participation, Series 2009C (525 Golden Gate Avenue SFPUC Office Project): $38.1 million
A1 Rating under review for downgrade
Certificates of Participation,
Series 2009D (525 Golden Gate Avenue SFPUC Office Project) (Federally Taxable -
Build America Bonds Direct Payment): $129.6 million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2010A (Equipment Program): $11.5 million
A1 Rating under review for downgrade
Tax Exempt Lease Revenue Commercial Paper Certificates of Participation, Series 1 and T1 (Bank Bond): $0.0 million
A1 Rating under review for downgrade
Taxable Lease Revenue Commercial Paper Certificates of Participation, Series 1-T (Bank Bond): $1.0 million
A1 Rating under review for downgrade
Tax Exempt Lease Revenue Commercial Paper Certificates of Participation, Series 2 and 2 T (Bank Bond): $0.0 million
A1 Rating under review for downgrade
Taxable Lease Revenue Commercial Paper Certificates of Participation, Series 2-T (Bank Bond): $1.0 million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2011A (Equipment Program): $14.7 million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2012A (Equipment Program): $9.8 million
A1 Rating under review for downgrade
Certificates of Participation 2012A: $42.8 million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2010A (Equipment Program): $11.5 million
A1 Rating under review for downgrade
Tax Exempt Lease Revenue Commercial Paper Certificates of Participation, Series 1 and T1 (Bank Bond): $0.0 million
A1 Rating under review for downgrade
Taxable Lease Revenue Commercial Paper Certificates of Participation, Series 1-T (Bank Bond): $1.0 million
A1 Rating under review for downgrade
Tax Exempt Lease Revenue Commercial Paper Certificates of Participation, Series 2 and 2 T (Bank Bond): $0.0 million
A1 Rating under review for downgrade
Taxable Lease Revenue Commercial Paper Certificates of Participation, Series 2-T (Bank Bond): $1.0 million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2011A (Equipment Program): $14.7 million
A1 Rating under review for downgrade
Lease Revenue Bonds, Series 2012A (Equipment Program): $9.8 million
A1 Rating under review for downgrade
Certificates of Participation 2012A: $42.8 million
A1 Rating under review for downgrade
23.SAN LEANDRO
Taxable Pension Obligation Bonds,
2012: $18.3 million
A1 Rating under review for downgrade
(Downgraded from AA3/No Outlook)
24.SANTA ANA
Certificates of Participation City
Hall Expansion Project: $12.5 million
BAA1 Rating under review for
downgrade
25.SANTA BARBARA
Refunding Certificates of Participation (Municipal Improvement Program) Series 2002: $6.3 million
AA3 Rating under review for downgrade
Refunding Certificates of Participation (Municipal Improvement Program) Series 2002: $6.3 million
AA3 Rating under review for downgrade
26.SANTA CLARA
2002 Refunding Certificates of Participation, Series B: $33.5 million
AA3 Rating under review for downgrade
2002 Certificates of Participation, Series A (City of Santa Clara Central Park Library Project): $25.0 million
AA2 Rating under review for downgrade
Certificates of Participation, Series '97: $16.1 million
AA2 Rating under review for downgrade
2002 Refunding Certificates of Participation, Series B: $33.5 million
AA3 Rating under review for downgrade
2002 Certificates of Participation, Series A (City of Santa Clara Central Park Library Project): $25.0 million
AA2 Rating under review for downgrade
Certificates of Participation, Series '97: $16.1 million
AA2 Rating under review for downgrade
27.SANTA MARIA
2003 Refunding Lease Revenue Bonds: $23.5 million
A1 Rating under review for Downgrade
2003 Refunding Lease Revenue Bonds: $23.5 million
A1 Rating under review for Downgrade
28.SANTA MONICA
General Obligation Bonds: $36.33
million
AAA Rating under review for downgrade
Lease Revenue Bonds, Series 2002 (Public Safety Facility): $17.3 million
AA1 Rating under review for downgrade
Lease Revenue Bonds, Series 2004: $38.9 million
AA1 Rating under review for downgrade
Lease Revenue Bonds, Series 2009 (Public Safety Facility Project): $9.2 million
AA1 Rating under review for downgrade
Lease Revenue Bonds, Series 2011A: $32.4 million
AA1 Rating under review for downgrade
Lease Revenue Bonds, Series 2011B: $8.8 million
AA1 Rating under review for downgrade
Lease Revenue Refunding Bonds, Series 2002: $10.5 million
AA1 Rating under review for downgrade
AAA Rating under review for downgrade
Lease Revenue Bonds, Series 2002 (Public Safety Facility): $17.3 million
AA1 Rating under review for downgrade
Lease Revenue Bonds, Series 2004: $38.9 million
AA1 Rating under review for downgrade
Lease Revenue Bonds, Series 2009 (Public Safety Facility Project): $9.2 million
AA1 Rating under review for downgrade
Lease Revenue Bonds, Series 2011A: $32.4 million
AA1 Rating under review for downgrade
Lease Revenue Bonds, Series 2011B: $8.8 million
AA1 Rating under review for downgrade
Lease Revenue Refunding Bonds, Series 2002: $10.5 million
AA1 Rating under review for downgrade
29.SANTA ROSA
Issuer Rating: AA1 Rating under review for downgrade
Pension Obligation Bonds, Series 2003B: $30.2 million
AA3 Rating under review for downgrade (Downgraded from AA2/No Outlook) Certificates of Participation, (Building Acquisition Project), Series 2007: $10.0 million
AA3 Rating under review for downgrade
Issuer Rating: AA1 Rating under review for downgrade
Pension Obligation Bonds, Series 2003B: $30.2 million
AA3 Rating under review for downgrade (Downgraded from AA2/No Outlook) Certificates of Participation, (Building Acquisition Project), Series 2007: $10.0 million
AA3 Rating under review for downgrade
30.SUNNYVALE
Issuer Rating: AAA Rating under review for downgrade
Certificates of Participation (City of Sunnyvale)
Issuer Rating: AAA Rating under review for downgrade
Certificates of Participation (City of Sunnyvale)
AA1 Rating under review for
downgrade
31.TORRANCE
Issuer Rating: AA1 Rating under
review for downgrade
Certificates of Participation, Series 2009: $18.9 million
AA3 Rating under review for downgrade
Certificates of Participation, (Refinancing and Public Improvement Project) Series 2004B: $23.9 million
AA3 Rating under review for downgrade
Certificates of Participation Refunding, Torrance Public Financing Authority (Police and Fire Station), Series 1998: $10.3 million
AA3 Rating under review for downgrade
Certificates of Participation, Series 2009: $18.9 million
AA3 Rating under review for downgrade
Certificates of Participation, (Refinancing and Public Improvement Project) Series 2004B: $23.9 million
AA3 Rating under review for downgrade
Certificates of Participation Refunding, Torrance Public Financing Authority (Police and Fire Station), Series 1998: $10.3 million
AA3 Rating under review for downgrade
32.WOODLAND
Lease Revenue Bonds (2005 Capital
Projects): $20.4 million
A2 Rating under review for downgrade
Lease Revenue Bonds (Refunding and 2002 Capital Projects): $33.2 million
A1 Rating under review for downgrade
A2 Rating under review for downgrade
Lease Revenue Bonds (Refunding and 2002 Capital Projects): $33.2 million
A1 Rating under review for downgrade
San
Diego (City of) CA
Moody's Org ID:600005266
6 Digit Cusip:797236, 797243, 797260, 797263, 797282, 797283, 797284, 797288,
797289, 79728D, 797298, 79729H, 797303, 797312, 797316, 797797
Ÿ Senior-most
Tax Backed Rating: AA3
Ÿ Senior-most
Revenue Backed Rating: AA3
Ÿ Long
Term Issuer Rating: AA3
Ÿ Outlook:
Stable
Ÿ Market
Segment: U.S. Public Finance
Ÿ Sector: COMBINED
UTILITIES, HOUSING, MUNICIPALITY, PUBLIC FACILITIES, TRANSPORTATION
Ÿ State: California
Ÿ County: San
Diego County, CA
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