September 11, 2013 / 1:58 PM / 4 years ago

S&P cuts South Amboy, New Jersey's GO bonds rating to A-minus

Sept 11 (Reuters) - Standard & Poor’s Ratings Services said on Wednesday it cut the long-term and underlying ratings on South Amboy, New Jersey’s general obligation bonds to A-minus from A-plus. The outlook is negative.

The rating downgrade reflects the city’s continuing dependence on emergency notes for operations, the rating agency said in a statement.

S&P said the negative outlook includes the city’s limited financial flexibility and the possibility for more operating deficits along with growing emergency note issuance.

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