Lodi Utility Down 2 Notches

Saskal, Rich
June 2006
Bond Buyer;6/9/2006, Vol. 356 Issue 32399, p35
Trade Publication
The article reports that Fitch Ratings Inc. on June 6, 2006, downgraded the municipal electric utility in Lodi, California, two notches, to BBB-minus from BBB-plus, and placed the debt on negative watch. The action affects $78.6 million of outstanding Lodi electric system certificates of participation notes. According to Fitch, the downgrade resulted from deterioration of the utility's projected fiscal 2006 financial results from levels indicated to March 2006, and concerns that fiscal 2007 results might not show much improvement. The negative watch reflects Fitch's concerns about the electric utility's liquidity position.


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