STANDARD & POOR'S LIFTS COUNTY CREDIT WARNING.Byline: David Bloom David Bloom (May 22, 1963 – April 6, 2003) was an NBC journalist (co-anchor of Weekend Today and reporter) until his sudden death in 2003 at the age of 39. Early life Daily News Staff Writer Standard & Poor's removed its ``CreditWatch'' warning on Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County debt Thursday after nearly a year, citing the county's strong actions to deal with its budget problems. Though the county's financial outlook remains ``negative,'' S&P said the region's economy is slowly recovering and the county has taken steps to fix its hemorrhaging health system and reduce reliance on one-time money sources. ``While the county's fiscal problems remain serious, the budget situation is no longer in the crisis environment of 10 months ago,'' the company said in a release. S&P, one of the three major bond-rating agencies, left unchanged its relatively low evaluations of the county's outstanding debt. But county officials still welcomed the announcement, which removes a cloud over cloud over Verb 1. (of the sky or weather) to become cloudy: it was clouding over and we thought it would rain 2. county finances that could have affected the price of any bonds. ``I think it's very positive news,'' said Supervisor Zev Yaroslavsky Zev Yaroslavsky (born December 21, 1948) is a Los Angeles County politician. He served on the Los Angeles City Council from 1975 until 1994, when he was elected to the Los Angeles County Board of Supervisors. He was preceded in both offices by Edmund D. Edelman. . ``They recognized the county has begun to turn the corner, and the tough decisions the board made last year have started to take hold.'' The county was put on CreditWatch in July as a warning to investors that S&P was ready to dramatically change the county's bond ratings unless steps were taken to stabilize finances. The county's interim chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive , Sandra Davis, said that normally such warnings are removed within a couple of months and some action is taken to downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. or upgrade bond ratings. But the county and its investors continued to operate under the cloud. |
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