SAN FRANCISCO - Standard & Poor's downgraded Sacramento County's issuer credit rating to A-plus from AA-minus late Monday, highlighting the county's difficulty managing declining tax revenues and rising costs.

Standard & Poor's also lowered the county's pension bond and certificate of participation ratings to A from A-plus. The actions affect about $1.1 billion of outstanding pension obligation bonds and $412 million of COPs, the agency said. All told, California's eighth biggest county had about $1.7 billion of governmental debt outstanding as of June 30, 2008, according to its comprehensive annual financial report.

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.