Moody's downgrades Fresno's credit rating, citing weak economy

The Fresno BeeJanuary 29, 2014 

Moody's Investor Service has downgraded the city of Fresno's issuer rating to Baa1 from A3. Various bonds have been downgraded to Ba2 or Ba3. The outlook on the city's long-term ratings has been revised to stable from negative.

Moody's said Fresno's economy is weak. It said there are bright spots such as a fully-funded retirement system.

Fresno's credit ratings have taken a beating for several years. Lower credit ratings could mean higher borrowing costs. City officials have said they have no plans to borrow.

The reporter can be reached at (559) 441-6272 or ghostetter@fresnobee.com. Read his City Beat blog at fresnobee.com/city-beat.

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