California cities to remain 'fiscally challenged'-Moody's

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Many California cities are showing signs of improvement, but limits on raising revenues, swelling pension costs and other pressures will leave them "fiscally challenged over the next few years," Moody's Investors Service said on Tuesday.

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The agency said it downgraded the ratings on 27 cities' obligations and upgraded the general obligation ratings of two cities after reviewing all of the 95 California cities it assesses.

 

The review was inspired by the bankruptcy filings of Stockton and San Bernardino, California, to understand the risk of future bankruptcy filings and the cities' current budget conditions, Moody's said.

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