The Latest Casualty of Liberalism: City of Los Angeles’ Credit Rating

From Bloomberg via BusinessWeek:

Los Angeles had the rating on $3.2 billion of debt cut to Aa3 from Aa2 by Moody’s Investors Service a day after Mayor Antonio Villaraigosa called for a twice-a-week shutdown of “nonessential” services that might last until July.The one-level downgrade cited the difficulty of balancing the budget of the nation’s second-largest city by population. The mayor, whose workforce totals 35,000, told CNN today that 2,400 employees would retire early and 1,000 other positions would be eliminated.

View the full article here.

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