DEBT RATING DOWNGRADES FOR ATLANTIC CITY

Atlantic City’s debt rating took another hit. Moody’s announced that it reduced the debt rating for the resort from to Ba1, from Baa2. The news means that it will cost Atlantic City more money when it is looking to borrow money, versus municipalities with better credit ratings. Moody’s suggested the city needs a better spread on how it brings in revenue to set it up for the future in a more positive way.