Philadelphia’s Bond Rating Reduced to A2 by Moody’s
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Philadelphia’s credit rating was reduced to A2 from A1 by Moody’s Investors Service, which said the sixth most-populous U.S. city is financially weak and has limited budget options.
The one-step downgrade, to the firm’s sixth-highest investment grade, affects $3.85 billion of general-obligation bonds and similar debt. The outlook for the city of 1.5 million is stable, according to Moody’s.