Atlantic City’s Credit Rating Lowered Three Levels by Moody’s

Atlantic City, the biggest East Coast gambling center, had its credit rating cut three levels by Moody’s Investors Service out of concern tax appeals by casinos and out-of-state competition for bettors will hurt revenue.

The downgrade to Baa1 from A1, three levels above speculative grade, affects $151 million of general-obligation debt, according to Moody’s, which changed its outlook to negative. It follows a Nov. 3 decision by Standard & Poor’s to put a negative outlook on the city’s A rating, sixth-highest.