Fitch cuts California's Sacramento City Unified SD ratings

Fri May 10, 2013 5:55pm EDT

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May 10 (Reuters) - Citing concerns about the Sacramento City Unified School District's reserves, Fitch Ratings cut on Friday the California district's general obligation bond rating to A-plus from AA-minus, a move affecting about $313.7 million of debt.

Fitch also revised its rating outlook to stable from negative.

"The rating downgrade reflects the district's weak financial reserve position and willingness to spend down reserves to low levels during periods of state funding pressure," the rating agency said in a statement.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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