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BRIEF-S&P says Atlantic City, NJ GO rating raised to 'CCC+' on improved finances, tax appeal settlements
October 17, 2017 / 5:23 PM / a month ago

BRIEF-S&P says Atlantic City, NJ GO rating raised to 'CCC+' on improved finances, tax appeal settlements

Oct 17 (Reuters) - S&P Global Ratings:

* S&P says Atlantic City, NJ GO rating raised to ‘CCC+’ on improved finances and tax appeal settlements; Outlook stable‍​

* S&P says raised its long-term rating on Atlantic City, N.J.’s general obligation debt to ‘CCC+’ from ‘CCC’‍​

* S&P says Atlantic City’s upgrade, stable outlook reflect opinion of its improving financial performance & settlement of significant unfunded tax appeals‍​

* S&P on Atlantic City, N.J. says settlement of substantial unfunded liabilities from tax appeals diminishes likelihood of bankruptcy

* S&P on Atlantic City, N.J. says city is unlikely to face a near term credit or payment crisis within the next 12 months

* S&P says in its opinion, payment of Atlantic City’s obligations “remains vulnerable”

* S&P says on-going expansion of casino gaming in Atlantic City may lead to future casino property closures over medium-term as the facilities begin operations Source text (bit.ly/2hN9wFy)

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