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Moody's cuts Stockton, California's various ratings to Caa3
Jun 28th, 2012
NEW YORK (Reuters) - Moody's Investors Service on Wednesday cut to Caa3 various general fund-supported debts of the City of Stockton, California, citing the city's announcement that it likely will file for bankruptcy after talks with its creditors failed. "The city is running out of cash and faces limited time and options to fix its structural imbalance," the Wall Street credit agency said in a statement. The downgrade puts Stockton's ratings in the "substantial risk" category, just one notch above the "may be in default, extremely speculative" grouping. ... (Source: Reuters) -
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