Reuters: Bankruptcy News: S&P cuts San Bernardino, Calif. lease revs to C

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S&P cuts San Bernardino, Calif. lease revs to C Aug 3rd 2012, 15:38 Fri Aug 3, 2012 11:38am EDT Aug 3 (Reuters) - Standard & Poor's Ratings Service late on Thursday dropped the rating on San Bernardino, California's 1997A lease revenue bonds to C with a negative outlook from CC, according to its website. The downgrade follows the city's filing for Chapter 9 bankruptcy protection on Wednesday and reflects that the city may not make timely payments on the bonds, S&P said. San Bernardino, located 65 miles east of Los Angeles, joins the California cities of Stockton and Mammoth Lakes, which also filed for municipal bankruptcy in recent months.

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