Berkeley under review by Moody’s for possible credit downgrade

http://www.dailycal.org/2012/10/11/berkeley-under-moodys-review-for-possible-credit-downgrade/

Moody’s Investors Service announced Tuesday that Berkeley would be one of 32 California cities whose bond credit ratings will be under review.

Berkeley will be joining cities including San Francisco, Los Angeles and Oakland for review. Of the 32 cities, only Los Angeles and San Francisco are under consideration for upgrades, while the remaining cities are being considered for credit rating downgrades.

The credit agency pointed to three of Berkeley’s lease-backed revenue bonds to be reviewed, said Moody’s spokesperson David Jacobson. Jacobson expects the results of the review to be released within the next 90 days.