California Road Downgrade Slows Trading Traffic to a Crawl

Albano, Christine
May 2003
Bond Buyer;5/30/2003, Vol. 344 Issue 31646, p4
Trade Publication
Following a downgrade earlier in May 2003 of a well-known, widely held, and highly liquid California transportation bond, there has been limited trading activity in the secondary market. And at least two market entities predict that trend will continue. The San Joaquin Hills Transportation Corridor Agency received its second junk bond rating on May 16 when Standard & Poor's Corp knocked roughly 1.8 billion dollars of the agency's outstanding debt down to a BB rating from BBB-minus. The largest single trade in conjunction with the recent downgrade was a transaction on May 2. The muted activity indicates that owners are prepared to ride out San Joaquin's current state.


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