Standard & Poor’s cut its underlying rating on Rohnert Park’s sewer revenue bonds to A-minus from A and revised the outlook on the debt to negative after the Sonoma County city’s voters rolled back their sewer rates.

In November, voters reduced their sewer rates to Jan. 1, 2006, levels, resulting in a loss of $3.7 million, or one-third of operating revenue, from the municipal utility’s budget.

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.