Moody's cuts Bridgeport, Conn. GOs to A2, outlook negative

Mon Aug 19, 2013 1:57pm EDT

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Aug 19 (Reuters) - Moody's Investors Service on Monday downgraded the outstanding general obligation bond rating of the city of Bridgeport, Connecticut to A2 from A1, and revised the outlook to negative from stable.

Moody's cited the city's "narrow financial position", and the sizable deficit in its Internal Service Fund as reasons for the downgrade. The move affects $675 million in debt.

The negative outlook "reflects the possibility of further credit weakening given ongoing challenges to the city's ability to restore fiscal stability in the near term and begin to augment its narrow reserve levels," Moody's said.

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