Fitch Ratings
Fitch Downgrades Philadelphia, PA's GO Debt; Removes Rating Watch Negative
Published in Oncology Business Week, January 3rd, 2010
The downgrade is based primarily on the city's continued financial deterioration reflected in weaker than originally forecast year-end results for fiscal 2009 and again, for the first quarter of the current fiscal year (2010). Despite significant and proactive spending cuts implemented by management, the city's financial position weakened considerably in fiscal years 2008 and 2009, and based on revenue trends and economic indicators, Fitch remains concerned...
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