Moody's Investor Services has downgraded the city of Fresno's issuer rating to Baa1 from A3. Various lease-backed bonds have been downgraded to Ba2 or Ba3. The outlook on the city's long-term ratings has been revised to stable from negative. Moody's said Fresno's economy is weak. It said there are bright spots such as a fully-funded retirement system. Fresno's credit ratings have taken a beating for several years. Lower credit ratings could mean higher borrowing costs. City officials have said they have no plans to borrow.
Wednesday, January 29, 2014
My hometown in the news
Moody's downgrades Fresno's credit rating, citing weak economy
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