Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Notes to Basic Financial Statements, Continued
For the fiscal year ended June 30, 2009
Investments with Fair Values Highly Sensitive to Interest Rate Fluctuations
The City’s investments as of June 30, 2009 (including investments held by bond trustees) do not include
any investments that are highly sensitive to interest rate fluctuations to a greater degree than already
indicated in the information provided above.
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder
of the investment. This is measured by the assignment of a rating by a nationally recognized statistical
rating organization. Presented below is the minimum rating required by (where applicable) the
California Government Code, the City’s investment policy, or debt agreements, and the actual rating as
of year end for each investment type.
51