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S&P revises Allentown, Penn. rating outlook to positive
June 20, 2013 / 1:53 PM / 4 years ago

S&P revises Allentown, Penn. rating outlook to positive

June 20 (Reuters) - Standard & Poor’s Ratings Services late on Wednesday said it revised Allentown, Pennsylvania’s BBB-plus general obligation bond rating outlook to positive from stable.

S&P said the outlook revision reflects the city’s plan to eliminate its large unfunded pension liability as well as significant economic development that will probably provide more recurring revenue.

“We believe Allentown will likely continue to strive for structural balance. Although reserves are still, what we view as, weak, we also believe new development and successful pension cost reductions will likely allow management to further stabilize financial operations and post an operating surplus at fiscal year-end Dec. 31, 2013,” said S&P credit analyst Linda Yip.

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