California

Santa Cruz County has said it may have to draw on bond reserves to make a Sept. 1 debt service payment for redevelopment bonds if it is forced to make the payments of former redevelopment tax money as outlined by California.

Standard & Poor's downgraded Fresno, Calif.'s issuer rating to BBB from A due to its continued weak finances.

California's state auditor said in a report Tuesday that San Jose officials provided "inadequately supported" estimates in bond documents that said its retirement costs would increase to $400 million by fiscal 2016.

California says 27 local governments owe more than $120 million of redevelopment agency tax money.

Moody's Investors Service is considering across-the-board and targeted downgrades in California in the aftermath of the state's recent municipal bankruptcies.

A new push is on in California to readdress whether some nonprofit hospitals deserve their tax-exempt status.

Fitch Ratings affirmed its AA-minus rating on Bay Area Toll Authority senior toll bridge revenue bonds in a report on $305 million of BATA debt set to be reoffered next month.

California State Controller John Chiang said Monday revenues in July came in $475 million below estimates in the state budget.

California plans more than $2 billion in GO bond sales this fall, including $1.6 billion Sept. 25.

Bond insurer Syncora Guarantee Inc. sued to challenge California measures dissolving local redevelopment agencies, saying they jeopardize bond payments and impair bondholder and insurer rights.

JPMorgan wants California's Peralta Community College District to make good on a type of refinancing that may now be illegal, according to a complaint filed Monday.

Stockton, Calif.'s bond insurers are contesting the city's bankruptcy filing, saying it is unfairly targeting bondholders while asking nothing from its largest unsecured creditor, the California Public Employees' Retirement System.

California's Ran sale will be almost twice as large as its 2011 note sale, as the state's normally uneven cash-flow schedule has an additional layer of uncertainty because of a November tax ballot measure.

Standard & Poor's said Wednesday it has downgraded San Bernardino Joint Powers Financing Authority housing tax allocation bonds to BBB from A-minus due to the city declaring bankruptcy.

A bill that would change California's municipal bankruptcy law again appears to have stalled without support from the Democratic majority leadership in the state Senate.

Bond insurer National Public Finance Guarantee Corp. has challenged Stockton, Calif.'s petition for a bankruptcy.

The judge in Stockton's bankruptcy case has denied an injunction that would have kept the city from cutting retiree medical benefits during the Chapter 9 process.

Moody's Investors Service said in a note Monday that California should be able to handle the potential loss of hundreds of millions of dollars from a depressed Facebook stock price.

The recent bankruptcy filings of Stockton and San Bernardino share a common element — both troubled California cities target pension obligations bondholders for sizable haircuts.

California has confirmed the state is set to sell $10 billion of revenue anticipation notes during the week of Aug. 13.