Camarillo, Calif., recently capped a financial comeback by obtaining an A-minus rating from Standard & Poor's Corp. on an advanced refunding of $6.6 million of certicates of participation.

The city suffered a severe blow four years ago when officials learned that the city's extensive involvement in speculative instruments had wiped out most of its $24 million investment portfolio. Camarillo fired the treasurer who oversaw those investments, and the city froze hiring and slashed capital improvements to regain its financial footing.

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