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Article: Moody's Downgrades Pittsburgh: No Recovery Plan Drops City to Ba2.

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The Bond Buyer
Article date:
October 12, 2004
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Moody's Investors Service lowered its rating on Pittsburgh's debt to Ba2 from Ba1 and put the city under review for another possible ratings downgrade in a report released on Friday.

Pittsburgh's downgrade is a result of delays in getting approval for the city's five-year financial recovery plan by the Intergovernmental Cooperation Authority, a state-appointed oversight board established to help the city get its finances in order. An anticipated delay in getting the state legislature to approve new revenue sources also led to the downgrade, Moody's said. The city has $832 million of debt.

"They will be out of cash by the end of 2004 and they will have ...

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