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California's Santa Clara County cut to Aa2 - Moody's
July 6 |
July 6 (Reuters) - The credit rating for California's Santa Clara County's general obligation bonds was cut to Aa2 from Aa1 by Moody's Investors Service on Friday, which cited its "significantly weakened" finances and difficulties it faces improving its balance sheet.
The rating on pension obligation bonds was cut to Aa3 from Aa2, while the lease-backed obligations were downgraded to A1 from Aa2.
The county, which has $1.6 billion of debt, has a stable outlook, Moody's said.
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