Santa Fe Faces Possible Bond Downgrade
The city of Santa Fe is facing a possible downgrade of its bond rating. But the city disputes the reasoning behind the potential action by Moody's Investor Service.
The city says that it is on list along with 29 other local governments and school districts for a possible downgrade by Moody's. The city says a recent Moody's news release inaccurately reported that the pension liability for the City of Santa Fe and other Public Employee Retirement Association participants don't conform to requirements.
But city finance directors Marco Tapia says the city makes its contributions to PERA in full on a regular basis, in accordance with all requirements.
Santa Fe says it has an "AA+" rating by Fitch and "AA" by Standard & Poor's, both of which were recently reaffirmed.
Copyright 2013 The Associated Press.