San Diego credit rating suspended by S&P

Standard & Poor's today suspended its credit rating for all of the city of San Diego's bonds "due to the continued absence and lack of estimated release date for the city's fiscal 2003 audited financial statements," according to a statement from S&P. In February, S&P had lowered the city's bond ratings because of the status of its $2.7 billion pension plan, which is underfunded by $1.1 billion. The credit ratings are expected to be reinstated once the city's audited financial statements are released, but the city will remain on "creditWatch with negative implications," the statement said.