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L.A.'s Credit Rating Downgraded by Moody... Again
The credit rating agency that downgraded Los Angeles in February is doing it once again. Moody Investor Services today announced a downgrade on the city's $3.2 billion of debt, reported the Daily News, which notes "a lower credit rating means the city would have to pay more to borrow money." Yesterday, Fitch withdrew its positive rating from the LADWP. The actions stem from a budget standoff over the controversial carbon surcharge. Meanwhile, Mayor Antonio Villaraigosa is making his media rounds. With a small, he told CNN that "we're coming back." That is, after cutting city services for two days a week while getting finances back on track. "That's my responsibility," he said.
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Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
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