Standard & Poor’s revised its outlook to stable from negative on Youngstown, saying the city’s leaders have been able to stabilize operations and staunch recent drains on reserves. The agency also affirmed its BBB-minus rating on the city.
The rating reflects Youngstown’s ongoing struggle with a weak economy, dwindling revenue, and falling population.
The city’s ability to raise new revenue is limited by low income levels and high unemployment, according to analysts. However, they said Youngstown benefits from an income tax rate implemented in 2003 and low to moderate debt levels.
