California

The "gradual and contingent nature" of the California Public Employees' Retirement System plan to revise its investment return assumptions could mean substantial fiscal risk to California governments, Moody's Investors service said Friday.

An agreement to return control of the LA/Ontario International Airport from Los Angeles to an Ontario-based local authority is a positive for the Los Angeles airport but negative to the Ontario airport's credit, Moody's Investors Service said.

The bondholders and insurer in the San Bernardino, Calif. bankruptcy case are both criticizing what they describe as the city’s lack of coherent financial disclosure.

California remains $664 million ahead of revenue projections for fiscal 2016 though cash for November was a half billion shy of expectations, according to the Department of Finance.

After a multi-year battle, with Los Angeles, the Ontario, Calif. airport reverts to local control once the Ontario International Airport Authority receive approval from the Federal Aviation

Moody's Investors Service upgraded Laguna Beach Unified School District's, Calif. general obligation bonds to Aaa from Aa1.

Franklin Templeton, Stockton, Calif's holdout creditor, says it will not pursue further appeals of the plan that allowed the city to officially exit bankruptcy earlier this year.

Infrastructure needs are expected to drive steady borrowing by California school districts, and Raymond James is staffing up to be a part of it.

Standard & Poor's revised its outlook to positive from stable on Wright Elementary School District, Calif.'s general obligation bonds, and affirmed its A-plus rating.

California's Daughters of Charity Health System has closed on a management agreement with a hedge fund that is designed to keep the hospital chain out of bankruptcy.

Supporters of an initiative that would shift $8 billion in bond money from California’s high speed rail to water projects say their aim is to reprioritize how the state’s bond money is spent.

Stockton, Calif. has notched another legal win for its bankruptcy exit plan. That doesn’t mean the fight is over.

California fell slightly short of revenue projections in November, but remains more than half a billion dollars ahead of budget projections for the first five months of the fiscal year, according to the state controller.

A San Diego City Council committee approved a June 2016 ballot measure that would earmark up to $5 billion for infrastructure repairs.

A California Public Employees’ Retirement System plan to slowly revise investment return assumptions has Gov. Jerry Brown and others concerned that the massive pension fund could be exposing state and local governments to serious financial risk.

In a report, Moody’s Investors Service said it has completed a review that resulted in upgrades for almost all of the $4.7 billion of California tax allocation bonds it rates.

The Los Angeles City Council approved a four-year labor contract that rolls back pension reform measures enacted in 2012.

Standard & Poor's has affirmed its A-minus rating on Sunnyvale Redevelopment Agency Calif.'s series 2003 tax allocation bonds and revised its outlook to positive from stable, citing the likely settlement of its court battle with the state Department of Finance.

California Attorney General Kamala Harris approved a management agreement for the Daughters of Charity Health System saying it would stave off bankruptcy and maintain services at the hospital chain.

California’s state auditor said she found widespread mismanagement at the Central Basin Municipal Water District and made more than 35 recommendations for changes.