MontCo Redevelopment Bond Rating Downgraded
Ratings agency says county's general fund balance of 5.5 percent of budgeted expenditures is 'inconsistent' with top credit rating.
Citing "a sizeable decline in the county's general fund balance following several years of large operating deficits," Fitch Ratings today downgraded more than $18 million in debt issued by the Montgomery County Redevelopment Authority from its highest "AAA" rating to a rating of "AA+." In a statement issued to the media, Josh Shapiro, chairman of the county's Board of Commissioners, called the downgrade and its associated report "disappointing because we have just begun to turn things around and dig ourselves out of the hole." "Today’s report from Fitch and their downgrade of the Redevelopment Authority’s bond rating to 'AA+' makes clear that the irresponsible spending over the past four years severely depleted the reserve fund to an …
Golden Cockroach
10:48 am on Thursday, May 10, 2012
"Job growth and development continues to occur around the Pennsylvania Turnpike exchanges at King of Prussia, Plymouth Meeting, Fort Washington and Willow Grove given the easy highway access to several major highway systems," Fitch Ratings said in its report. While Pottstown sits in the "wings" trying to figure out how to survive as MontCo disdainfully and shamelessly "dumps" the poor and needy … more ›