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Ratings .Services <br />,� �;1,atclnatti <br />Vii, },u -k. ti'y {O(7111 100.4 <br />R� Irl(ncc A',,.: �1un! <br />Mr. Mike Williams <br />City of Colton <br />650 N. La Cadena Drive <br />Colton, CA 9232= <br />William J. Cox <br />VUna's in,Q Oirrclr•1. <br />Pid,h( Nnano, Ruliri3O <br />Standard & Poor's <br />.1 Owision of l he McCrun-Hill1 'Ompcmics <br />October 6, 1998 <br />Re: S2,105,000 Colton, California, Certificates of Participation (Cirp Yard Project) <br />Dear Mr Williams: <br />This is to inform you that as part of our ongoing debt rating program, we have reviewed the latest <br />annual financial report and other relevant data related to the above debt. After such review, we have <br />changed the rating to `B+' from `B'. The rating was changed primarily due to Colton's fiscal <br />restructuring and ability to follow through on deficit reduction plans under new managerial leaderships. <br />The outlook was revised to positive from stable due to anticipated successful improvement of its <br />negative fund balance position. <br />Please continue to send updated information including annual audit reports and budgets, and if <br />applicable, updated operating and construction progress data, addressed to: <br />Standard & Poor's Ratings Services <br />Public Finance Secondai-v Illarkets Sin-vcillance <br />j Broadwa'i% Multi Drop Box No. 1 <br />New York ,N'1'10004-1064 <br />If you have any questions please feel free to contact Yolanda Clemons at 212-208-1125. <br />Thank you for continuing your relationship with Standard & Poor's. <br />jm <br />Very truly yours, <br />