\nStacie Sherman, Bloomberg \u00b7 January 27, 2015 at 8:21 pm
\n\t(Bloomberg) \u2014 Atlantic City, New Jersey\u2019s struggling gambling hub, had its credit rating cut to junk by Standard & Poor\u2019s because of Governor Chris Christie\u2019s appointment of an emergency-management team to oversee its finances.<\/p>\n
\tThe four-level cut, from BBB+ to BB, on Tuesday follows a similar move on Jan. 23 by Moody\u2019s Investors Service, which cited the same reason. Moody\u2019s cut its grade six levels to Caa1, five steps below S&P\u2019s lowered rating.<\/p>\n
\tThe reduced credit ratings follow the Republican governor\u2019s decision this month to appoint over the city a management team that includes Kevyn Orr, who shepherded Detroit through its record $18 billion municipal bankruptcy. Orr will serve as a consultant, with Kevin Lavin taking the role of emergency manager.<\/p>\n
\tThe order \u201crequires the emergency manager to prepare and recommend a plan, within 60 days, to place Atlantic City\u2019s finances in stable condition and provides the explicit authority to use any and all lawful means, including restructuring the city\u2019s operations and adjusting its debts to achieve that aim,\u201d S&P said in its report.<\/p>\n
\t\u201cThird-party intervention is often more draconian than the actions taken to date and has a greater likelihood of being detrimental to bondholders,\u201d S&P analyst Lindsay Wilhelm said in the report.<\/p>\n
\tChristie, 52, has struggled with a five-year plan to turn around Atlantic City. Casino revenue fell to $2.5 billion last year from a high of $5.2 billion in 2006, state figures show, as Pennsylvania, Delaware, Maryland and New York expanded gambling.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
Stacie Sherman, Bloomberg \u00b7 January 27, 2015 at 8:21 pm (Bloomberg) \u2014 Atlantic City, New Jersey\u2019s struggling gambling hub, had its credit rating cut to junk by Standard & Poor\u2019s because of Governor Chris Christie\u2019s appointment of an emergency-management team…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8597","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8597"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8597\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}