CALIFORNIA | LOCAL
May 26, 2004 |
The last of three Wall Street ratings agencies on Tuesday downgraded to junk status $1.9 billion in bonds sold to build the faltering San Joaquin Hills toll road through western Orange County. Moody's Investors Service lowered its rating from Baa3 -- the lowest investment grade -- to Ba2, a non-investment grade. Moody's also announced that it would keep the San Joaquin Hills tollway on its watch list for possible additional downgrades.
November 7, 1995 |
In another sign that local agencies are recovering from Orange County's bankruptcy, a major Wall Street credit rating agency on Monday reinstated the bond rating of John Wayne Airport. Moody's Investors Service Inc., which suspended ratings on the airport's bonds as a warning to investors after the county filed bankruptcy petitions Dec. 6, reversed itself Monday, giving an A rating on about $118 million worth of bonds outstanding.
May 25, 1995 |
Citing concerns about any bond issues linked to bankrupt Orange County, Moody's Investors Service said Wednesday that it will evaluate $1.1 billion of bonds being sold next week to build a toll road--even though it has not been asked to review them. Moody's, one of Wall Street's major rating services, said the unprecedented move was prompted by inquiries from worried investors. Normally, rating agencies review an offering only at the seller's request.
December 26, 1997 |
The upgrading of Orange County's Wall Street credit rating last week was both a financial and an emotional boost for a county that has waged a three-year struggle to get out of bankruptcy. But the action by Moody's Investors Service does little in itself to ease the county's budget picture. And it does not provide immediate funding for the dozens of delayed projects--from jail construction to facilities maintenance--that were put on hold because of the financial collapse.