A blow to L.A.'s credit rating

In a stinging blow that will cost the city millions of extra dollars down the road, a Wall Street rating agency Tuesday downgraded Los Angeles' credit rating, telling officials it had seen no real action to rein in spending. Daily News

Standard & Poor's Corp. notified city officials by telephone that it was lowering the city's general fund credit rating from AA to AA-, and reducing the rating on its Municipal Improvement Corporation from AA to A+.

"It will mean we will have to spend millions more (in interest payments) to get credit," City Administrative Officer Miguel Santana told the City Council.