SAN FRANCISCO - Standard & Poor's affirmed its AA-minus general obligation bond rating on Oakland and the Oakland Joint Powers Financing Authority last week, reacting to a whistleblower lawsuit that claims the city's financial statements overstate its cash balances.

Former Controller Larae Brown last month filed a lawsuit alleging she was fired by city administrator Deborah Edgerly for reporting that Oakland's financial statements overstated its cash position by $172 million. Brown's lawsuit, filed in Alameda County Superior Court, seeks $1.5 million in damages for wrongful termination in March 2007.

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