...S&P Global Ratings lowered its underlying rating (SPUR) to '###-' from '###' 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. 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 was transmitted with a "going concern" opinion by the auditor, which reflects the auditor's concern about the city's ability to meet required operating obligations, and we anticipate that this trend will continue for a fourth year when the fiscal 2020 audit is produced. The outlook is stable...
