Sacramento, Santa Monica and Fresno are under the microscope as pension obligations and bankruptcies have led to worsening credit.
By Associated Press|October 10, 2012 at 07:35 AM
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SACRAMENTO, Calif. (AP) — One of the nation’s top credit rating agencies announced Tuesday that it will review dozens of California cities for possible downgrades amid mounting concern over municipal bankruptcies and bond defaults.
Moody’s Investors Service will scrutinize the ratings of various types of bonds in 30 California cities. The agency also announced that it already had downgraded eight municipal pensionobligation bonds.
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