Fitch: Pittsburgh, PA 'A-' GO Rtg Remains on Rating Watch Negative.Business Editors WASHINGTON--(BUSINESS WIRE)--Oct. 16, 2003 Fitch fitch: see polecat. Ratings--Fitch Ratings maintains the City of Pittsburgh Pittsburgh (pĭts`bərg), city (1990 pop. 369,879), seat of Allegheny co., SW Pa., at the confluence of the Allegheny and the Monongahela rivers, which there form the Ohio River; inc. 1816. , PA's 'A-' general obligation bond rating on Rating Watch Negative. Fitch initially placed Pittsburgh on Rating Watch Negative on September 9, 2003. Fitch believes that the extended delay by the commonwealth's legislature in acting on Pittsburgh's tax reform package is evidence of a diminished di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. likelihood of passage. However, Pittsburgh retains the ability to increase revenues from existing taxes and to further reduce expenditures to restore fiscal health. Maintenance of the 'A-' rating is predicated on the introduction and prompt adoption by Pittsburgh's city council of a budget that not only achieves structural balance, but generates a surplus sufficient to eliminate an expected deficit of $7 million for fiscal 2003 and to begin restoring general fund reserves. Conversely con·verse 1 intr.v. con·versed, con·vers·ing, con·vers·es 1. To engage in a spoken exchange of thoughts, ideas, or feelings; talk. See Synonyms at speak. 2. , adoption of a budget that continues to rely on outside approvals, unrealistic revenue assumptions, or unachievable expenditure savings will result in a downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. . As mentioned in the September 9 press release, Fitch will review the rating in mid-November in conjunction with the introduction of the city's budget. |
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