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Rating pressure on California cities pressing on-Fitch
SAN FRANCISCO, Sept 19 |
SAN FRANCISCO, Sept 19 (Reuters) - Cities in California face ongoing financial challenges from rising employee compensation and restrictions on their ability to raise revenue, which will maintain pressure on their credit ratings, Fitch Ratings said in a statement on Wednesday.
"Even as the broader economy shows signs of stabilization, California cities face state specific uncertainties based on their diverse economic profiles, and revenue raising environment," Karen Ribble, senior Director in Fitch's Public Finance group, said in the statement.
"California cities facing the most fiscal stress are those with limited options to address budget imbalance, reinforcing the divide between the strong and the weak," Ribble added.
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