Pennsylvania GO Debt Rating Lowered To #AA-# On Weakened Financial Position and Increased Expenditure Pressures

Stocks and Financial Services Press Releases Friday September 26, 2014 08:56
NEW YORK--26 Sep--Standard & Poor's

NEW YORK (Standard & Poor's) Sept. 25, 2014--Standard & Poor's RatingsServices lowered its rating on Pennsylvania's general obligation (GO) debtoutstanding to 'AA-' from 'AA' and its rating on the commonwealth'sappropriation-backed debt outstanding to 'A+' from 'AA-'. Standard & Poor's

also lowered its rating on several tax increment bonds guaranteed by thecommonwealth to 'A' from 'A+' and lowered its rating on Pittsburgh & AlleghenySports and Exhibition Authority's moral obligation debt outstanding to 'A-'from 'A'. The outlook is stable.

"The downgrade reflects our view of the state's diminished financialflexibility and growing expenditure pressures due to inaction on pensionreform and limited revenue growth," said Standard & Poor's credit analyst JohnSugden.

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