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Pittsburgh, Pennsylvania; General Obligation Jan 12 Product Image

Pittsburgh, Pennsylvania; General Obligation Jan 12

  • Published: January 2012
  • Standard & Poors

FEATURED COMPANIES

Abstract
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' 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. 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 costs associated with the city's long-term debt, pension, and other postemployment benefit (OPEB) liabilities, and limited...

Companies mentioned in this report are: Pittsburgh
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