California

The relatively opaque private placement market, which has been very strong in California, may be slowing down and shifting from a bank-dominated market to a more diverse range of purchasers.

A state audit of Beaumont, Calif. found that the Southern California city failed to properly track spending of $626 million in bonds.

Fitch ratings affirmed LA/Ontario International Airport, Calif.’s A-minus rating, but also maintained a negative outlook.

Standard & Poor's assigned an A-plus long-term rating to San Francisco State Building Authority's lease revenue refunding bonds and Oakland State Building Authority's lease revenue refunding bonds.

Los Angeles International Airport received rating affirmations ahead of plans to price $302 million in general airport revenue bonds.

Investment banking firm Rice Financial Products Co. has hired seven people to bolster its sales and trading operations and expand its footprint in California, Illinois, Texas and New York.

California’s Richmond Community Foundation will pursue a new social impact bond vehicle with a $3 million revenue bond private placement it hopes to close next month with the local Mechanics Bank.

The deteriorating financial position of a school district in Santa Clarita, Calif. was cited in one-notch issuer and certificate of participation downgrades from Moody’s Investors Service.

Standard & Poor's revised the outlook on Los Angeles’s debt to stable from positive citing uncertainty from two lawsuits challenging the city's power revenue fund transfers.

Rating agencies are continuing to treat municipal issuers unfairly even though federal law required that practice to stop, former California Treasurer Bill Lockyer said.