CALIFORNIA | LOCAL
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.
November 8, 1997 |
A $100-million preferred stock offering to help feed the growth of Irvine Apartment Communities was given a speculative "Ba1" rating Friday by Moody's Investors Service. Irvine Apartment, a real estate investment trust, was created four years ago to allow the public to invest in apartments once owned entirely by the Irvine Co. Its first preferred stock offering will occur in December or January.
July 7, 1992 |
A major Wall Street credit-rating firm downgraded California's bonds for the second time in six months Monday and said its action could have been avoided had a "political decision" by Gov. Pete Wilson not led the state into a cash crisis that has forced the government to pay its bills with IOUs. The lowering of the rating by Moody's Investors Service--from Aa1 to Aa--means that California will be forced to pay more in interest to issue new bonds to compensate investors for the higher risk.
July 16, 1992 |
Saying the action reflected its "lack of confidence" in California's fiscal management, a second major credit-rating agency on Wednesday downgraded its opinion of the state's bonds. Standard & Poor's reduced its rating on California's bonds by two notches, to A+ from AA, pushing it below 36 other states ranked by the agency.
October 13, 1992
Moody's Investors Service Inc. has lowered its ratings of Glendale Federal Bank for certain of the thrift's long-term deposits, to single-B-3 from single-B-1, and cut its rating of Glendale Federal's subordinated debt to Ca from Caa. Moody's also cut its rating for the subordinated debt of Glendale Federal's holding company, Glenfed Inc., to single-C from Ca. A total of about $96 million in long-term debt is affected, the New York-based rating agency said.
June 14, 1990 |
Nervousness over real estate lending in California grew Wednesday as stocks of major thrifts tumbled and Moody's Investors Service downgraded the debt of two major California banks. Trading in HomeFed Corp. opened four hours late Wednesday on the New York Stock Exchange, off $7.50 a share from its Tuesday close as investors reacted negatively to the San Diego-based company's disclosure Tuesday that non-performing assets of its HomeFed Bank unit grew by $81 million, or 14%, in May.