SAN FRANCISCO (S&P Global Ratings) Sept. 24, 2020--S&P Global Ratings lowered its underlying rating (SPUR) to 'BBB-' from 'BBB' on El Cerrito, Calif.'s certificates of participation (COPs) outstanding. The outlook is stable. "The lowered rating reflects our view of the weaker economic and financial circumstances under which the city is attempting to stabilize its budget and restore reserves," said S&P Global Ratings credit analyst Tim Tung. The COVID-19 pandemic and related recessionary pressures have further strained the city's revenues, yielding an operating deficit for fiscal 2020 and pushing available fund balance further into negative levels based on unaudited actual results for fiscal 2020 provided by management. The city's fiscal 2019 audit marks the third consecutive year in which the audit
