- Language: English
- Published: February 2013
- Region: Israel
Summary: Bethlehem, Pennsylvania; General Obligation
- Published: February 2011
- Region: Pennsylvania
- Standard & Poors
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Standard & Poor's Ratings Services lowered to 'BBB' from 'A-' its long-term rating and underlying rating (SPUR) on the city of Bethlehem, Pa.'s general obligation (GO) debt. The outlook 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 downgrade is based on a deterioration of Bethlehem's financial position and the need to issue deficit financing to fund operating expenses. The rating reflects the following factors: High level of interfund borrowing to finance operating expenditures over the last several years, necessitating issuance of deficit financing; Ongoing structural budgetary imbalance in the general fund operations, resulting in negative...
Companies mentioned in this report are: Bethlehem,Bethlehem Auth
Action: New Rating
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