Bankruptcy risks diminished
S&P upgrades Atlantic City on improved finances, tax appeal settlements
The casino town also received a two-notch upgrade by S&P in March.
2017-10-19
Reading time 28 seg
S&P Global Ratings has raised Atlantic City’s debt one notch to CCC-plus from CCC on improved finances and tax appeal settlements, assigning a stable outlook.
According to S&P, Atlantic City’s upgrade and stable outlook reflect the opinion of its improving financial performance and the settlement of significant unfunded tax appeals.
The Wall Street rating agency considered the settlement of substantial unfunded liabilities from tax appeals diminishes likelihood of bankruptcy, also highlighting the city is unlikely to face a near term credit or payment crisis within the next 12 months.
Payment of Atlantic City’s obligations “remains vulnerable," S&P said adding that ongoing expansion of casino gaming in Atlantic City may lead to future casino property closures over medium-term as the facilities begin operations.
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