SAN FRANCISCO - The top finance official in Mammoth Lakes, Calif., says there is no chance the resort community will fail to redeem $2 million in notes at the end of the month, despite a Standard & Poor's ratings action casting doubt on its ability to do so.

The agency Tuesday dropped the rating on Mammoth Lake's Series 2008 capital project notes to SP-3, its lowest short-term rating, from SP-1-plus, its highest. At the same time Standard & Poor's downgraded about $5 million in outstanding certificates of participation to a speculative BB from A-minus, while assigning a developing outlook.

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