https://www.siliconvalley.com/2024/12/03/oaklands-credit-rating-cut-by-fitch-as-california-city-tries-to-plug-budget-gaps/

Oakland had its credit rating cut two levels by Fitch Ratings, which cited the challenge of plugging budget gaps amid a change in political leadership.

The city of about 440,000 had its issuer default rating lowered to A from AA- last week. At the same time, its outlook was revised to negative from stable, indicating the possibility for future cuts. The city’s projected deficit for the fiscal year that ended in June is $79 million, while the preliminary anticipated gap for the current fiscal year is $93 million, according to the ratings company.