LOS ANGELES COUNTY : County’s Credit Rating Slightly Downgraded
Reflecting the state’s deteriorating economy, Los Angeles County’s credit rating was downgraded a notch Friday. Standard & Poor’s reduced its rating on the county’s general obligation bonds to A+ from AA-.
The move by S & P follows a similar downgrading by Moody’s Investor Service in March. S & P officials said the rating change reflects financial pressures on counties as a result of the state government’s financial bind and the vulnerability of counties to future state budgetary problems.
County Chief Administrative Officer Sally Reed said she was assured by S & P analysts that the downgrading was not the result of the county’s debt level or its plan to issue more than $1 billion in pension obligation bonds this year.
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