July 23 (Reuters) - Moody’s Investors Service cut Atlantic City’s General Obligation (GO) rating to “Ba1” from “Baa2”, citing the city’s “significantly” weakened tax base, revenue-raising ability and broader economic outlook.
Atlantic City's GO outlook remained negative, according to Moody's. (bit.ly/UtwAv3)
The rating cut affects $245 million of Atlantic City’s outstanding general obligation parity debt.
The ratings agency also cited the city’s ongoing decline in casino revenues and the impending impact of casino tax appeals.
Reporting by Abinaya Vijayaraghavan in Bangalore