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MOODY'S LOWERS SAN DIEGO COUNTY LEASE DEBT RATINGS FROM A1 TO A

 MOODY'S LOWERS SAN DIEGO COUNTY LEASE DEBT RATINGS FROM A1 TO A
 NEW YORK, Oct. 5 /PRNewswire/ -- Effective yesterday, Moody's assigned a Con.(A) rating to $10.62 million of San Diego County Certificates of Participation, expected to be issued through negotiation by San Diego Regional Building Authority on Oct. 6. Moody's also lowered from A1 to A the ratings on various other outstanding leases of the county.
 The country's financial position has continued to deteriorate as reflected by the depletion of financial reserves and the county's apparent limited operating flexibility. Cutbacks in state aid, the economic slowdown of the region and increased demand for mandated services have resulted in the weakened financial position despite strong management and significant reductions in expenditures. In light of the increased competition for General Fund resources, and the unfavorable outlook for a quick turnaround in the economy or an increase in the state's funding of county programs, security for General Fund supported debt has diminished, resulting in the rating revision.
 Moody's confirmed the A ratings on two other leases of the county, issued for equipment purposes, as the leases mature in only three years and represent only a small amount of debt.
 The ratings apply to $279.3 million lease debt as outlined below. The County has no General Obligation Debt.
 The county's lease ratings have been revised as follows:
 Amount Previous Current
 outstdg. Rating Rating
 Chula Vista Red. Agency
 lease rental 40,120 A1 A
 El Cajon-San-Diego Co. Civic Ctr.
 Authority, lease revenue,
 dated Sept. 1, 1986 53,260 A1 A
 San Diego Co. Capital Asset
 Leasing Corp., 1986 refunding
 leasehold
 Revenue bonds (Health Services
 Complex Project)
 dated 12/1/86 26,485 A1 A
 Vista San Diego Co. Bldg. Auth.
 Cert. of Part (Vista Detention
 Facility Expansion Project)
 dated April 29, 1987 24,695 A1 A
 San Diego Co.Cap. Asset Leasing
 Corp. 1989 Leasehold Revenue
 Bonds (Capital Improvement
 Project) 11,760 A1 A
 San Diego County Capital Asset
 Leasing Corp. Cert. of Part-
 East Mesa Detention Facility
 dated Nov. 1, 1989 23,453 Con(A1) A
 San Diego County Capital Asset
 Leasing Corp. Cert. of Part-
 Clairemont Health Service
 Complex 19,090 Con(A1) A
 San Diego Co. Capital Asset
 Leasing Corp. (1991 Series A) 40,745 A1 A
 San Diego County Capital
 Asset Leasing Corp. (interim
 Justice Facilities Refunding
 Projects) 36,520 A1 A
 San Diego County Capital Asset
 Leasing Corp., Lease Revenue
 1984 Series A 1,355 A A
 San Diego Co. Cap. Asset
 Leasing Corp. Lease Revenue
 Ser. 1987 A
 Dated May 1, 1987 1,865 Con.(A) A
 -0- 10/5/92
 /CONTACT: Kevork Khrimian, 212-553-4756, or Barbara Flickinger, 212-553-7736, both of Moody's/ CO: Moody's ST: California IN: SU:


LD-KW -- NY034 -- 6457 10/05/92 09:42 EDT
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Date:Oct 5, 1992
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