Atlantic City Downgraded By Standard & Poor's Rating

Atlantic City's credit rating took another hit Tuesday.

Standard and Poor's Standard & Poor's Ratings Services lowered its general obligation rating on Atlantic City four notches to BB' from BBB+.
It also gave the city's bond rating a negative outlook, indicating that Gov. Chris Christie's decision to implement an emergency manager does not bode well for
bondholders.

Atlantic City has has $344 million of outstanding long-term general obligation debt and $397 million of total debt.

It also has a significant debt payment to make by Feb. 1 as well as a short-term loan to pay back to the state in March.
http://www.pressofatlanticcity.com/business/second-rating-agency-downgrades-atlantic-city-s-credit/article_bbbf9b06-a705-11e4-a30c-132f3777c93e.html