Standard & Poor's Ratings Services yesterday downgraded the San Bernardino, Calif., series 1997A lease revenue refunding bonds to speculative grade "CC" from investment grade 'BBB+' a day after the city's leaders approved a plan for a chapter 9 bankruptcy filing, Reuters reported yesterday. S&P said that it also placed the rating on its CreditWatch with negative implications for further downgrades. S&P also said that it is concerned San Bernardino does not have sufficient funds to meet it obligations in coming months.
