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VENTURA COUNTY REVIEW

Ventura Port District Bonds Lose Rating

August 31, 1993|Jack Searles

Moody's Investor's Service has suspended its Baa rating on the general obligation bonds of the Ventura Port District.

The district, which owns land and boat slips at Ventura Harbor in Ventura, recently filed a Chapter 9 bankruptcy petition. It's reportedly the first time a public agency in the county has filed for bankruptcy protection.

District officials are faced with a $15.6-million judgment awarded to Ocean Services, a company that was involved in the Ventura Harbor Village development in the 1980s.

Ocean Services itself went bankrupt because, it claimed, the port district didn't act in good faith during negotiations over development of the project.

The district currently has $1.7 million outstanding in general obligation bonds. Moody's said it will monitor the situation and issue comments or ratings updates as appropriate.

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