California

California's Golden State Tobacco Securitization Corp. has been forced to draw $12 million out of its reserves to make its Dec. 1 interest payment.

LOS ANGELES — Downey Regional Medical Center, a non-profit hospital located in greater Los Angeles, is close to reaching an agreement with Avanti Health Systems LLC that would enable it to exit Chapter 11 bankruptcy and make its bondholders whole.

SAN FRANCISCO — Moody's Investors Service warned Monday that California's expected mid-year budget cuts could result in further school district downgrades.

Staff of the California Health Facilities Financing Authority recommended approving a plan to issue $275 million of bonds on behalf of San Diego-based Scripps Health.

Fitch Ratings assigned a AA-minus rating Wednesday to a planned $355 million bond issuance on behalf of Sacramento-based Sutter Health, which owns, leases and-or operates 31 hospitals.

California Gov. Jerry Brown announced he has appointed Paul Rosenstiel to the California State Teachers' Retirement System Board.

The California Legislative Analyst's Office said in a report Tuesday that the funding for the first stage of the state's high-speed system is highly uncertain.

SAN FRANCISCO — A new report from the California Debt and Investment Advisory Commission found that more than one in four issuers in the state failed to file their annual financial reports on time.

LOS ANGELES — Though the San Diego Association of Governments has encountered a few wrinkles during due diligence, the agency is on track in its proposed $345 million purchase of a bankrupt toll road from a private operator.

The Southern California Logistics Airport Authority is facing a bond default because it cannot make a $10 million debt service payment due Thursday because of the legal uncertainty surrounding California redevelopment agencies.

LOS ANGELES - A 16-member California committee led by three billionaires and high-profile former politicians plans to put on the November 2012 ballot two initiatives proposing tax reform that would result in $10 billion of additional annual tax revenue.

SAN FRANCISCO - Standard & Poor's downgraded the San Jose Redevelopment Agency's non-housing tax-allocation bonds to BBB from BBB-plus due to financial and legal stress.

LOS ANGELES - Anaheim joined the ranks of several Southern California cities with turnover in top management positions following the forced resignation last week of city manager Tom Wood.

LOS ANGELES - Los Angeles Mayor Antonio Villaraigosa has floated a plan to issue $750 million of bonds backed by the city's share of money from a countywide transportation sales tax to repair a quarter of the city's streets in two years.

SAN FRANCISCO - Holders of more than $22 billion of bonds tied to California redevelopment agencies may be impaired if the RDAs are stamped out, according to a second lawsuit filed in a legal battle over this year's legislation targeting the agencies.

NSB Public Finance, a Nevada public financial advisory firm, officially changed its name to Zions Bank Public Finance on Tuesday.

A parcel tax that will help the struggling Doctors Medical Center stay afloat passed with nearly three-fourths of the vote on Tuesday.

Plans to sell $294.6 million in lease revenue bonds for the University of California via negotiation next week received a AA rating and stable outlook from Fitch Ratings on Nov. 9.

Fitch Ratings assigned an A-plus rating Monday to a $147.9 million refunding planned by Los Angeles-based Cedars-Sinai Medical Center.

Voters in Oakland on Tuesday overwhelmingly defeated a ballot measure that would have raised $60 million in parcel taxes.