OTHER NEWS

Times Staff and Wire Reports

Moody's Lowers CRA Bond Rating: The bond rating agency trimmed the rankings of some of the Los Angeles Community Redevelopment Agency's debt in the wake of sharply lower assessed property values. The lower ratings mean the agency, whose bonds have rarely been downgraded, will probably have to pay more when it issues future debt, Moody's analyst David Brodsly said. The CRA's Bunker Hill project area bonds were lowered one notch, from A to Baa1, which is similar to dropping from an above-average to an average rating, Brodsly said. However, CRA bonds for its Crenshaw project fell to Ba1, which indicates the securities are below investment grade. A CRA official said the new ratings do not reflect the agency's ability to service its debt.

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