LOS ANGELES — Analysts at Moody's Investors Service were not persuaded by repeated reassurances from California Department of Finance officials that debt service payments take precedence in the state's redevelopment agency wind down.

More than a year after Moody's analysts announced in June 2012 that it was lowering the ratings on $11.6 billion in RDA credits it rated Baa3 or higher to Ba1, and putting the ratings on watch for possible withdrawal, it has more bad news regarding the bonds' ratings.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.