NEW YORK (Standard & Poor's) Oct. 3, 2011--Standard & Poor's Ratings Services said it lowered its long-term rating to 'BBB+' from 'A-' on Salamanca, N.Y.'s general obligation (GO) debt. The outlook is negative. "The downgrade is based on a significant reduction in the city's general fund reserves due to the loss of certain casino-related revenues and uncertainty over the receipt of replacement revenues from the state," said Standard & Poor's credit analyst Kate Hackett. The rating also reflects Salamanca's: Limited economy; Continued decline in assessed value and low per capita property values; Moderate debt on a per capita basis with rapid amortization; and Low income indicators. Offsetting factors include the city management's aggressive response to the loss of a significant...
Companies mentioned in this report are: Salamanca City
Action: Outlook: Negative
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