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Article: S&P lowers Garden Grove, Calif., agency to BBB-plus.(Standard and Poor's Corp.; Garden Grove, California, Community Development Agency)
- Article from:
- The Bond Buyer
- Article date:
- March 5, 1996
- Author:
CopyrightCOPYRIGHT 1996 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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###By Antonio A. Prado
Standard & Poor's Corp. has downgraded the Garden Grove, Calif., Community Development Agency's $60.55 million of outstanding tax allocation refunding bonds, Series 1993, to BBB-plus from A.
The rating agency said the downgrade reflects weakness in the city's economic base, and continuing drops in assessed valuations over the past three years. The city of 154,000 is located in north Orange County, but credit analysts said the problems have nothing to do with the county's bankruptcy.
"To date, Garden Grove has not exhibited an economic recovery from the statewide recession of the early 1990s," Standard & Poor's said. "Stagnant ...