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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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You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
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