Fitch Downgrades Philadelphia Citing 'Structural' Budget Woes

Cataldo, Adam L.
October 2004
Bond Buyer;10/20/2004, Vol. 350 Issue 31993, p1
Trade Publication
The article focuses on the structural imbalance Philadelphia's budget. Philadelphia's credit rating was downgraded to BBB-plus from A-minus by Fitch Ratings. Philadelphia has about $1.1 billion of general obligation bonds outstanding. The city for the second straight year has a general fund deficit, which is largely due to a delay in receiving up to $90 million of state aid, Fitch said in a statement. If the city had received such aid in fiscal 2004, it would have had a general fund balance of about $60 million, according to Fitch.


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