S&P Puts Gardena on Watch as California City Struggles to Meet Obligations

Saskal, Rich
November 2004
Bond Buyer;11/17/2004, Vol. 350 Issue 32012, p33
Trade Publication
The article reports on Standard & Poor Corp.'s decision to place Gardena, California on the BBB-minus rating for the city's tax-exempt certificates of participation on Credit Watch with negative implications. The city does not have the funds to redeem the taxable COPs and is currently trying to figure out a way to restructure the debt without drawing on the LOCs. Gardena's obligations include $20.14 million of taxable COPs issued in 1999 for its Municipal Mutual Insurance Company and $6.1 million of taxable COPs issued in 1999 for a firsttime homebuyers program.


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