Far West

Standard & Poor's has upgraded the rating on Esparto Unified School District, Calif.'s general obligation bonds to A-plus from A based on growth in revenues.

Moody's Investors Service has downgraded the rating on Redwoods Community College District to A1 from Aa2 and assigned a negative outlook.

Ambac Assurance Corp will make supplemental payments on some policies in a segregated account that the company established to hold troubled liabilities during its bout with bankruptcy.

In a response to an audit from the state controller's office, Stockton, Calif. officials said it did not provide any new information and instead slows down the city's recovery.

Fitch Ratings upgraded the state of California's general obligation bonds to A from A-minus citing improved financial management and revenue.

In an audit of Stockton's finances, California Controller John Chiang says city officials should have seen the warning signs of trouble that sent Stockton into bankruptcy.

The San Bernardino Public Employees Association could withdraw its opposition to the city's eligibility to be in bankruptcy if the two parties reach an agreement on the union's contract.

Richmond, Calif.'s plan to help homeowners avoid foreclosure will not likely be successfully implemented, according to Moody's Investors Service, but it's still credit negative for residential mortgage backed securities.

In an action that could affect numerous transactions across the country, the Internal Revenue Service has determined that revenue bonds issued by a New Jersey authority for the Deborah Heart and Lung Center are taxable because the borrower entered into a total return swap.

The Regents of the University of California is planning to sell $665 million of fixed and variable rate medical center pooled revenue bonds.