Standard & Poor's Drops $3.8M of Gardena, Calif., COPs to Junk Status

Saskal, Rich
February 2005
Bond Buyer;2/10/2005, Vol. 351 Issue 32068, p4
Trade Publication
The article reports that Standard & Poor's Corp. downgraded $3.8 million of tax-exempt certificates of participation issued in 1994 by Gardena, California, to junk status, lowering the ratings to BB-minus from BBB-minus. The downgrade stems from uncertainty over the Southern California city's ability to repay $26.2 million of taxable COPs sold in two issues in 1999 to restructure debt incurred during failed ventures to establish a municipal insurance business and finance affordable housing. Standard & Poor's placed the city's tax-exempt debt on watch list for possible downgrade in November.


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