TITLE

S&P Upgrades Pittsburgh to BBB-Minus From BB Thanks to Reform Efforts

AUTHOR(S)
Cataldo, Adam L.
PUB. DATE
December 2004
SOURCE
Bond Buyer;12/8/2004, Vol. 350 Issue 32025, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article focuses on Standard & Poor's Corp. which upgraded Pittsburgh, Pennsylvania to BBB-minus from BB in response to efforts to reform the city's tax structure and restore budget reserves, affecting about $1.26 billion of debt. The upgrade follows Fitch Ratings' decision to put Pittsburgh under review for a possible upgrade. It rates the city BB. Moody's Investors Service rates the city Ba2 and has had it under review for possible downgrade since October 2004. The most recent rating actions come in response to efforts at the city and state level to reverse Pittsburgh's budget problems, which led to it being downgraded to below in vestment grade.
ACCESSION #
15309150

 

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