- Language: English
- Published: October 2012
- Region: Venezuela
Summary: York, Pennsylvania; General Obligation; General Obligation Equivalent Security Nov 11
- Published: November 2011
- Region: Pennsylvania
- Standard & Poors
Standard & Poor's Ratings Services lowered its underlying rating (SPUR) on York, Pa.'s general obligation (GO) debt one notch to 'BBB-' from 'BBB'. The outlook is negative. The downgrade reflects our assessment of the city's trend of general fund operating deficits that resulted in a significant deficit fund balance at fiscal year-end 2010. At the same time, Standard & Poor's assigned its 'BBB-' long-term rating and negative outlook to the city's series 2011 GO bonds. The rating also reflects our opinion of the city's: Consistently thin year-end liquidity; High overall net debt; Rising pension and other postemployment benefit costs mandated by labor contracts; and Limited local economy, characterized by, what we consider, low income and above-average unemployment. The city's full-faith-and-credit...
Companies mentioned in this report are: York
Action: New Rating
Action: Outlook: Negative
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