Fitch Lowers Allegheny County, Citing Nursing Home Woes

Cataldo, Adam L.
October 2004
Bond Buyer;10/13/2004, Vol. 350 Issue 31988, p32
Trade Publication
The article reports on the downgrading of Allegheny County in Pittsburgh, Pennsylvania to A-minus from A by Fitch Ratings. The credit agency revised the rating outlook to negative from stable in a recent report. The downgrade affects about $750 million of outstanding general obligation debt. The downgrade chiefly reflects a significant deterioration in reserve levels and ongoing loses at county owned nursing facilities that contributed to the recent fiscal strain. Amy Griser, the county's budget director said that the county had taken significant steps to mitigate a further significant reduction to the fund balance.


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