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You are here: Home»World»Business & Economy»Moody's lowers Contra Costa Co., Calif. pension obligation bonds

0001SAN FRANCISCO: Moody's Investors Service downgraded on Wednesday its rating on $359 million of Contra Costa County, California 2001 and 2003 pension obligation bonds to A1 from Aa3, noting concerns about the county's inability to raise taxes for debt service.

 

"The downgrade to the pension obligation bonds reflects the nature of this type of debt which is unsecured and paid from any of the county's funds, pressured by factors which affect financial performance such as steeply rising service costs," Moody's said in a statement.

 

"The pension obligation bonds are an unconditional county obligation payable from any legally available funds," Moody's added. "However, the county does not have the ability or authority to raise taxes to meet debt service."

Copyright Reuters, 2013


 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln