Ratings On Bethlehem, Bethlehem Authority, PA Lowered To 'BBB' Due To Weakened Finances
- ID: 1721420
- February 2011
- Standard & Poors
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Research type: News
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NEW YORK (Standard & Poor's) Feb. 9, 2011--Standard & Poor's Ratings Services said it lowered to 'BBB' from 'A-' its long-term rating and underlying rating (SPUR) on the city of Bethlehem, Pa.'s general obligation (GO) debt. We also lowered to 'BBB' from 'A-' the rating on Bethlehem Authority's GO debt. The outlook on the ratings is stable. At the same time, we assigned a 'BBB' rating and stable outlook to the city's series 2011A and B GO bonds and to Bethlehem Authority's 2011A guaranteed lease revenue bonds. "The downgrades are based on a deterioration of Bethlehem's financial position and the need to issue deficit financing to fund operating expenses," said Standard & Poor's credit analyst Kate Hackett. The rating reflects...
Companies mentioned in this report are: Bethlehem,Bethlehem Auth
Action: New Rating
Action: Outlook: Stable