Moody's Gives Pittsburgh More Good News With Another Upgrade

Cataldo, Adam L.
December 2004
Bond Buyer;12/10/2004, Vol. 350 Issue 32027, p7
Trade Publication
The article reports on the Moody's Investors Service Inc.'s decision to upgrade Pittsburgh, Pennsylvania to Ba1 from Ba2. The decision was made in response to the adoption of a long-term financial recovery plan and tax code changes that are expected to generate more revenues and help to build-up budget reserves. The upgrade follows Standard & Poor's decision to upgrade the city to BBB-minus from BB. The agency rates Pittsburgh BB. Moody's rated Pittsburgh Ba2 in October 2004 and put the city on its watch list for possible downgrade following delays in coming up with a permanent, long-term solution to the city's financial problems, a $40 million structural imbalance and an almost zero balance in budgetary reserves.


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