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Pittsburgh, PA's General Obligation Debt Outlook Revised To Stable From Negative On Improved Funding For City Pension Jan 12 Product Image

Pittsburgh, PA's General Obligation Debt Outlook Revised To Stable From Negative On Improved Funding For City Pension Jan 12

  • Published: January 2012
  • Standard & Poors

FEATURED COMPANIES

Abstract
NEW YORK (Standard & Poor's) Jan. 19, 2012--Standard & Poor's Ratings Services revised its outlook to stable from negative on Pittsburgh, Pa.'s general obligation (GO) bonds outstanding. At the same time, Standard & Poor's affirmed its 'BBB' long-term rating on the GO bonds. "We base the outlook revision on our view of the city's efforts to begin to address financial pressures associated with its pension system, although significant challenges related to the system's funding remain," said Standard & Poor's credit analyst Richard Marino. Standard & Poor's also assigned its 'BBB' long-term rating, and stable outlook, to the city's series 2012A and 2012B GO bonds. The 'BBB' rating reflects what we view as: Pittsburgh's diminished budgetary flexibility due to high fixed...

Companies mentioned in this report are: Pittsburgh
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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