...September 24, 2020 SAN FRANCISCO (S&P Global Ratings) Sept. 24, 2020--S&P Global Ratings lowered its long-term rating to '###+' from 'A-' on El Cerrito Public Financing Authority, Calif.'s sales tax revenue bonds, issued on behalf of the City of El Cerrito. The outlook is stable. "The downgrade reflects our view of the obligor's creditworthiness weakening," said S&P Global Ratings credit analyst Tim Tung. For more information on our view of the city's overall creditworthiness, see our article published Sept. 24, 2020, on RatingsDirect. The city benefits from a strong and stable local economy, as evidenced by continued assessed value growth, and its location within the San Francisco-Oakland-Hayward, Calif., metropolitan statistical area. However, the city's general fund has experienced financial challenges during recent years resulting in weakening reserve levels, and leading to weaker creditworthiness, in our view, which limits the rating on these sales tax bonds. Although sales tax revenue...
