Wednesday, March 11, 2009
News Atlanta's bond rating downgraded
Posted by Thomas Wheatley @thomaswheatley on Wed, Mar 11, 2009 at 4:03 PM
Not good news for bonds, the go-to financing tool for many municipal projects.
Dave Williams of the Atlanta Business Chronicle reports:
Representatives of Standard & Poor's notified city officials March 6 that they were downgrading Atlanta from a rating of AA- to A “with a stable outlook.”Word of the move was delivered to Mayor Shirley Franklin and members of the city council by Jim Glass, Atlanta’s chief financial officer, at the end of a two-day council retreat devoted largely to discussing the city’s finances.
The downgrade, Williams writes, doesn't affect the city Department of Watershed Management, which is overseeing a costly upgrade to Atlanta's antiquated sewer system, or Jackson-Hartsfield International Airport.
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