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Article: Moody's demotes Huntington Beach, Calif., bonds below investment grade. (Moody's Investors Service)
- Article from:
- The Bond Buyer
- Article date:
- November 18, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LOS ANGELES --A ratings downgrade on Huntington Beach, Calif.'s $32.4 million of outstanding tax allocation bonds was triggered this week when it was disclosed that tax increment revenues in a troubled redevelopment project will fall $89,000 short of debt service requirements this year.
Moody's Investors Service lowered its rating on the bonds to a speculative-grade Ba on Tuesday, marking the first time it has assigned a below investment-grade rating to a California tax allocation bond, Moody's assistant vice president Ronald L. Junker said.
The bonds were rated Baa when first issued in May 1992.
"Ba is judged to have some speculative elements," ...