TITLE

Fitch Upgrades Pittsburgh to BBB, Citing Approval of 2005 Budget

AUTHOR(S)
O'Brien, Elizabeth
PUB. DATE
February 2005
SOURCE
Bond Buyer;2/1/2005, Vol. 351 Issue 32061, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Fitch Ratings Inc. upgraded Pittsburgh's debt to an investment-grade BBB from BB yesterday largely because the City Council last month approved the 2005 budget for the long-struggling city. Towards the end of 2004, city officials voiced concerns that Pittsburgh would run out of cash. To help avert a crisis, Pennsylvania lawmakers in November passed a bill oyerhauling the city's tax code. Pittsburgh had been trying to change its tax structure for three and a half years, said city director of finance and budget Euen McLean.
ACCESSION #
15896697

 

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