Industry Research

Doing AC: Don't Touch Our Junk?

Posted on July 23, 2014

ATLANTIC CITY, N.J. -- Moody's Investors Service downgraded the general obligation bonds of Atlantic City, New Jersey to "junk" status on Wednesday, citing the struggling casino town's declining tax base.

The credit rating service cut the city's underlying rating to "Ba1" from "Baa2." It affects $245 million in outstanding debt.

Update: NJ.com article here

Press of Atlantic City article here

CNBC report here

Related article: AC Hit With Historic Casino Meltdown

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