California

SAN FRANCISCO - Lower-than-expected revenues could trigger budget cuts in California this year, with one rating agency saying that the revenue outlook is a credit negative.

San Francisco-based Catholic Healthcare West, which operates 40 hospitals throughout California, Nevada and Arizona, is planning a $645 million new-money and refunding deal next week.

California's economy still has some cracks, but its strengths — including its diversity of industries — are starting to overshadow weaknesses such as the high cost of doing business in the state, according to speakers at the Milken Institute State of the State Conference 2011.

SAN FRANCISCO - San Francisco has started a program to finance energy efficiency in commercial buildings through loans backed by property taxes.

Fitch Ratings has placed $1.7 billion of San Jose Redevelopment Agency tax allocation bonds on rating watch negative.

California’s budget situation became more precarious this week after revenues again fell short of projections in the budget.

SAN FRANCISCO - California Gov. Jerry Brown has signed one budget reform bill and vetoed another, while hinting that more change is on the way.

SAN FRANCISCO - California Gov. Jerry Brown has signed legislation imposing new requirements local governments must meet before declaring bankruptcy.

SAN FRANCISCO - California has received a favorable private-letter ruling from the Internal Revenue Service that will allow it to remarket Build America Bonds this month while keeping the federal subsidy.

LOS ANGELES - Fitch Ratings could cut bond ratings on the National Basketball Association, Los Angeles' Staples Center, and Denver's Pepsi Center if the NBA fails to reach an agreement with players and cancels the season.

The Jurupa Unified School District in Riverside County received a AA-minus and stable outlook from Fitch Ratings for $21.8 million of new general obligation refunding bonds.

Standard & Poor’s downgraded Fresno’s issuer credit rating three notches, to A from AA, the agency said in a report Monday.

The California Health Facilities Financing Authority granted the Downey Regional Medical-Center Hospital permission at its Sept. 29 board meeting to proceed with negotiations to sell its outstanding bonds to a private purchaser to enable it to exit bankruptcy in mid-November.

San Francisco’s Redevelopment Commission has appointed Tiffany Bohee as interim director of San Francisco Redevelopment Agency, replacing outgoing director Fred Blackwell.

California Gov. Jerry Brown Tuesday signed a bill that will strengthen the state auditor’s oversight of local governments in the wake of the scandal surrounding the city of Bell.

LOS ANGELES - Chapman University, a private university in Orange County, Calif., best known for its film, business, and law schools, wants to increase its health science offerings.

SAN FRANCISCO - Moody's Investors Service said the San Jose Redevelopment Agency's $1.7 billion of outstanding senior bonds could suffer should the RDA be forced to default on a floating-rate bond issue.

SAN FRANCISCO - Windrush School, a 35-year-old private school located in the East Bay suburbs of San Francisco, filed for Chapter 11 protection in the U.S. Bankruptcy Court in Oakland last week when it couldn't reach a forbearance agreement with bondholders on $13 million of bonds issued in 2007.

SAN FRANCISCO - California Gov. Jerry Brown has vetoed legislation that would have helped the San Jose Redevelopment Agency avoid a $100 million default.

LOS ANGELES - Montebello officials claim that what they call an ill-timed report released by the California controller's office is impeding the city's ability to get short-term financing.