Zuma's Prediction That City of L.A. Would Suffer Credit Downgrade Came True Today

Daaaaaaaaamn, not to rub it in or brag, but ZD was warning of this last year (Winter '07) during my "global economy/stock market alert/credit market crisis blog posts. I TOLD YO ASS, I TOLD YO ASS, I TOLD YO ASS. Point is, Zuma Times and LA Daily Blog have been about three to six months ahead of the curve for about a year now. So when Zuma Rainman starts yelling "Two minutes to Wapner" -- I hope more and more people in decision making positions start paying closer attention. (It's not your fault, until now. None of us had any idea that ZD would end up being such a divining rod of prediction when it comes to the global economy and it's impact at home.

City of L.A. suffers a trim on its credit-rating outlook

July 21, 2008

Another bit of fallout from the housing mess: The city of Los Angeles today had the outlook on its credit rating cut to "stable" from "positive" by Moody’s Investors Service.

The city’s actual rating remains quite strong: Aa2, which is Moody’s third-highest grade. But the "positive" outlook on the rating had meant that L.A. might have been in line to get boosted to Aa1 or Aaa, which could have reduced its borrowing costs.

Not now. Moody’s said the cut in the outlook on the city’s $3.2 billion in bond debt reflected "the sharpness of the city’s economic slowdown and the fiscal challenges this presents for the city in balancing its budget."

Read More

NEW: Questions regarding Jack Weiss and his run for City Attorney and his pal Mayor Anthony Villar (Aka: Antonio Villaraigosa).