Post by Logan on Jan 23, 2016 4:04:01 GMT -6
Atlantic City's credit rating was just downgraded four notches
TRENTON — A top Wall Street ratings agency slashed Atlantic City's credit rating four notches on Friday as the debt-ridden Jersey Shore gambling resort continues to face a financial crisis.
Standard & Poor's issued a super-downgrade of Atlantic City's bonds, from B to CCC, saying it appears "inevitable" that the city will default within six months barring a major improvement in its problems.
"The city is currently vulnerable to nonpayment on its obligations, and we believe it is likely to default without an unforeseen positive development," Standard & Poor's credit analyst Timothy Little wrote in the report.
The announcement comes as Atlantic City continues to reel from the closure of four casinos over the last two years — an issue that has led to more than 10,000 lost jobs, a major drop in tax revenue, and tax increases for its residents.
Continued at www.nj.com/politics/index.ssf/2016/01/how_much_was_atlantic_citys_credit_rating_slashed.html#incart_river_index .
TRENTON — A top Wall Street ratings agency slashed Atlantic City's credit rating four notches on Friday as the debt-ridden Jersey Shore gambling resort continues to face a financial crisis.
Standard & Poor's issued a super-downgrade of Atlantic City's bonds, from B to CCC, saying it appears "inevitable" that the city will default within six months barring a major improvement in its problems.
"The city is currently vulnerable to nonpayment on its obligations, and we believe it is likely to default without an unforeseen positive development," Standard & Poor's credit analyst Timothy Little wrote in the report.
The announcement comes as Atlantic City continues to reel from the closure of four casinos over the last two years — an issue that has led to more than 10,000 lost jobs, a major drop in tax revenue, and tax increases for its residents.
Continued at www.nj.com/politics/index.ssf/2016/01/how_much_was_atlantic_citys_credit_rating_slashed.html#incart_river_index .