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Not Good.
Citing delays in fixing the deficit, Los Angeles' financial outlook was downgraded from stable to negative by a major Wall Street financial credit service today, finds the LA Times. This comes at city leaders try to figure out how to fill in a $212-million budget gap with an expected $484-million one expected next fiscal year. Moody’s Investors Service's downgrade could mean the lowering of the city's credit rating, which would increase the cost of borrowing money for the city. Fitch Ratings downgraded the city last November and the other major credit rating agency, Standard & Poor's, has not made any public decisions.
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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 before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
