S&P Cuts, Then Withdraws Dunkirk, NY Rating on Financial Risks
- Lake Erie shore city slashed three notches to BBB- grade
- Dunkirk officials seek state help with deficit financing bond
A marina on Lake Erie in Dunkirk, New York.
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Dunkirk, New York, a city of about 13,000 seeking state help to close operating and capital fund deficits, had its credit rating slashed three notches by S&P Global Ratings to the lowest investment grade.
S&P then withdrew its newly assigned BBB- rating, saying city officials have failed to provide timely, audited results.