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| GCC Press Agencies |
| Day's main stories from the GCC Press Agencies |
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| Bahrain | Kuwait | Oman | Qatar | Saudi Arabia | United Arab Emirates |
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| Moody's: More Californian cities at risk of bankruptcy | |
| Date : August 18, 2012 |
SACRAMENTO, California, Ramadan 29, 1433, Aug 17, 2012, SPA -- One of the top U.S. credit rating agencies said Friday it will begin a wide-ranging review of municipal finances in California because of what it sees is a growing threat of increased city bankruptcies and bond defaults, AP reported.
Moody's Investors Service issued a report saying that the growing fiscal distress in many cities in America's most populous state was putting bondholders at risk.
It noted that some municipalities were considering bankruptcy as a new strategy to address budget deficits and avoid obligations to bondholders, an emerging dynamic that could have ripple effects throughout the investment community.
Three California cities - Stockton, San Bernardino and Mammoth Lakes - have filed for bankruptcy so far this year. Moody's said they are not likely to be the last.
"To summarize, we expect ... more bankruptcy filings and bond defaults among California cities reflecting the increased risk to bondholders as investors are asked to contribute to plans for closing budget gaps," the report said.
The report also noted the potential for ratings downgrades to fiscally distressed cities, counties, school districts and special districts throughout the state.
Lower bond ratings will increase borrowing costs for those entities at a time when many of them are struggling financially because of a steep drop in tax revenue.
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| Tornado Seen Near Airport in Colorado |
| Source : Saudi News Agnecy |
| Date : June 19, 2013 |
| Washington, Sha'ban 10, 1434, Jun 19, 2013, SPA -- Denver International Airport passengers were told Tuesday |
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| 6th International Honey Festival Launched In Baha |
| Source : Saudi News Agnecy |
| Date : June 19, 2013 |
| Baha, Sha'ban 10, 1434, Jun 19, 2013, SPA -- The Undersecretary of Governorate of Baha region, |
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| Natural-Gas Pipeline Explodes in Louisiana, Area Evacuated |
| Source : Saudi News Agnecy |
| Date : June 19, 2013 |
| Washington, Sha'ban 10, 1434, Jun 19, 2013, SPA -- A major natural-gas pipeline exploded Tuesday in |
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| Unified Arab Index Center Opens Oman's Knowledge Portal |
| Source : Saudi News Agnecy |
| Date : June 19, 2013 |
| Riyadh, Sha'ban 10, 1434, Jun 19, 2013, SPA --The Center of Unified Arab Index opened here |
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| Obama arrives in Berlin to angst over US spy programmes |
| Source : Saudi News Agnecy |
| Date : June 19, 2013 |
| Berlin, Sha'ban 9, 1434, Jun 18, 2013, SPA -- US President Barack Obama arrived in Berlin |
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| Palestinian President Meets Dutch FM |
| Source : Saudi News Agnecy |
| Date : June 19, 2013 |
| Ramallah, Sha'ban 9, 1434, Jun 18, 2013, SPA -- Palestinian President Mahmud Abbas, met here today |
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| Pakistan welcomes Taliban's office opening in Qatar |
| Source : Saudi News Agnecy |
| Date : June 19, 2013 |
| Islamabad, Sha'ban 9, 1434, June 18, 2013, SPA -- Pakistan today welcomed the opening of a |
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