Standard & Poor's Ratings Services said it placed on CreditWatch with negative implications its BB rating on Hercules Public Financing Authority, Calif.'s series 2010 electric system project revenue bonds, series 2010 electric system project revenue refunding bonds, series 2003B lease revenue bonds, and series 2009 taxable lease revenue bonds (issued for the Bio-Rad Project), issued for the city of Hercules.

"The CreditWatch placement reflects our uncertainty surrounding the city's willingness to pay its obligations after the city's statements in a Sept. 25, 2012 material event notice," said Standard & Poor's credit analyst Sussan Corson.

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