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
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