California: Standard & Poor’s cut the credit rating for Stockton, California on Wednesday to default (D) from selective default (SD).
According to Reuters, S&P Credit Analyst Chris Morgan, in a statement, added: “We understand the city plans to file for bankruptcy protection under Chapter 9 of the U.S. Bankruptcy Code.”
A bankruptcy filing by Stockton, a city of nearly 300,000 in the state’s Central Valley, is expected as soon as Wednesday. The city has $700 million of outstanding debt.
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