Accountant Shortage Leaves Some US Cities Without Credit Ratings
- S&P withdrew ratings on 64 local governments, utility systems
- Missing ratings are worrisome with economic headwinds ahead
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The municipality of Marion had planned to finance a new $10 million firehouse with a bond deal later this year, but that project and others are on pause because the city north of Columbus, Ohio, doesn’t have a credit rating.
It was among the 64 local governments and utility systems that S&P Global Ratings withdrew ratings for this month for failing to file financial information on time. In March, the company put Marion and 148 other entities on a negative credit watch.