San Miguel Consolidated FPD, Calif., Downgraded to A2 by Moody's

Moody's Investors Service said it downgraded San Miguel Consolidated Fire Protection District, Calif.'s series 2003 lease revenue bond rating from A1 to A2.

The lease revenue bonds are secured the districts covenant to annually budget and appropriate non-abatable lease payments to the San Diego Regional Building Authority for the use and occupancy of the leased assets.

The downgrade primarily reflects the district's historically narrow reserves and liquidity that have been outpaced by similarly rated districts in recent year. The district's fiscal position is now significantly weaker than most fire districts in the state. The A2 rating continues to reflect the district's stable financial management, large tax base and above average wealth indices.

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