South Gate, CA Pension Obligation Bond Rating Placed On CreditWatch Developing On Potential Improved Financial Position

Stocks and Financial Services Press Releases Thursday September 28, 2017 08:48
CENTENNIAL--28 Sep--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Sept. 27, 2017--S&P Global Ratings has placed its 'A-' underlying rating (SPUR) on South Gate, Calif.'s series 2005 refunding pension obligation bonds on CreditWatch with developing implications.

"The CreditWatch placement indicates our view that, based on South Gate's audited financial information, the city's key credit factors are improving," said S&P Global Ratings credit analyst Alyssa Farrell. "However, if we are unable to obtain additional information from the issuer in a timely manner, we could withdraw the rating on the bonds."

This action follows repeated attempts by S&P Global Ratings to obtain timely information of satisfactory quality to maintain our rating in accordance with our policies. Failure to receive the requested information by Dec. 27, 2017, will likely result in our withdrawal of the rating.

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