Nov 9 Moody's Investors Service late Thursday
said it withdrew its Ba1 rating on Compton, California's series
1998 sewer enterprise revenue refunding bonds, affecting $4.9
million of debt, citing a lack of or inadequate information to
support the rating.
In July, the agency downgraded the rating to Ba1 from A2 and
warned it may further cut the rating.
"In July the city had expected to provide fiscal year 2011
financial statements with an auditor's opinion by October,"
Moody's said. The city said it now anticipates this would not
occur until February 2013.
Although the city has produced fiscal year 2011 financial
statements, the auditor declined to express an opinion on the
their accuracy, the rating agency said in a statement.