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Sanders hopes to build trust with top credit agencies

San Diego mayor Jerry Sanders will travel to San Francisco Thursday to personally visit the three major financial credit rating agencies. Joining him will be five members of his financial recovery team. KPBS reporter Alison St John has more.

Fitch Ratings and Moody's Investors Service downgraded the city's credit rating last year, on news of the federal investigations into the pension deficit, and the city's delayed audits. And Standard & Poor's suspended the city's credit rating.

Mayor Sanders says he aims to build trust in his new administration, an important step towards accessing the bond markets again.

Sanders: "The most important thing that we have to convince them on is that we have a whole new attitude and we want to work through all these issues very openly and publicly - we're not asking for anything we just want to talk with them about where we're at right now and where we hope to get to in the very near future."

The credit rating agencies are watching San Diego carefully to see whether the city will avoid the option of bankruptcy. The city's hands are tied on millions of dollars of desperately needed infrastructure upgrades, since it cannot currently borrow money on the bond market. Alison St John, KPBS news.

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