Standard & Poor's Ratings Services lowered its issuer credit rating (ICR) to 'D' from 'SD' (selective default) on Stockton, Calif. The outlook is not meaningful.

In addition, Standard & Poor's lowered its issue ratings to 'C' from 'CC' on the city's pension obligation bonds, lease revenue bonds, and certificates of participation (COPs), some of which were issued by the Stockton Public Financing Authority and the Stockton Redevelopment Agency. The outlook on these ratings is negative.

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