TITLE

Moody's Returns Richmond, Calif .'s Debt to Investment Grade

AUTHOR(S)
Kelemen, Jasmina
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/13/2005, Vol. 351 Issue 32049, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the upgradation of the credit rating of Richmond, California by Moody's Investors Service Inc. Moody's Investors Service has restored Richmond's issuer credit rating to investment grade, citing a financial turnaround for the city a year after it discovered a US$35 million budget deficit. Moody's raised the issuer rating four notches, to Baa2 from Ba3, after a year of financial crisis for the city that resulted in cuts to services, worker layoffs, and a new system of financial checks and balances. The upgrade primarily reflects the city's improving liquidity and financial position and reduced uncertainty regarding financial operations and fiscal oversight.
ACCESSION #
15637635

 

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