Standard & Poor's said Friday that an ongoing investigation of Oxnard, Calif., by the Ventura County district attorney's office does not have immediate rating implications for the city or its water revenue bonds.

Standard & Poor's maintains an A-plus with a stable outlook on the city's water revenue bonds and an A-plus issuer credit rating on the city, also with a stable outlook.

The district attorney's office has stated that it is focusing on potential misappropriation of public monies, handling of contracts, and potential conflicts of interest, though it has not defined the scope of its investigation.

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