Finding F4
Per Standard & Poor’s Global Rating Report, the electric system revenue bond rating has been downgraded from A- in 2007 to B (junk status) in 2026.
Jury report: Banning: A City Alarmingly Mismanaged · PDF page 14
Permanent linkOfficial responses
Banning Mayor Richard Royce
Agrees, with dated rating history and fiscal context.
Read official response · PDF page 25Pages 25–26 cite S&P downgrade dates, late audited statements and financial pressures. These are specific traceable explanations, not an independent audit or verified forecast of recovery.
This review evaluates the response document. Implementation claims have not been independently verified.
Banning Mayor Pro Tem Cindy Barrington
Agrees, with dated rating history and fiscal context.
Read official response · PDF page 25Pages 25–26 cite S&P downgrade dates, late audited statements and financial pressures. These are specific traceable explanations, not an independent audit or verified forecast of recovery.
This review evaluates the response document. Implementation claims have not been independently verified.
Banning Council Member Colleen Wallace
Agrees, with dated rating history and fiscal context.
Read official response · PDF page 25Pages 25–26 cite S&P downgrade dates, late audited statements and financial pressures. These are specific traceable explanations, not an independent audit or verified forecast of recovery.
This review evaluates the response document. Implementation claims have not been independently verified.
Banning Council Member Leroy Miller
Agrees, with dated rating history and fiscal context.
Read official response · PDF page 25Pages 25–26 cite S&P downgrade dates, late audited statements and financial pressures. These are specific traceable explanations, not an independent audit or verified forecast of recovery.
This review evaluates the response document. Implementation claims have not been independently verified.
Banning City Manager Elizabeth M. Gibbs
Agrees, with dated rating history and fiscal context.
Read official response · PDF page 25Pages 25–26 cite S&P downgrade dates, late audited statements and financial pressures. These are specific traceable explanations, not an independent audit or verified forecast of recovery.
This review evaluates the response document. Implementation claims have not been independently verified.