November 9, 2012 / 2:50 PM / in 5 years

Moody's withdraws Compton, Calif. Ba1 revenue bond rating

Nov 9 (Reuters) - 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.

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