S&P cuts Long Beach, Calif., revenue bonds to A-

Standard & Poor's said it lowered the rating to A- from A+ on Long Beach Bond Finance Authority, Calif.'s $635,665,000 of senior secured revenue bonds, series 2007A, and $251,695,000 of senior secured revenue bonds, series 2007B.

The ratings were also placed on watch with negative implications.

The actions follow S&P's downgrade of XL Capital Assurance Inc. to A- with negative watch. XL provides debt service reserve and working-capital surety bonds to the authority's issue.

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