Moody’s Investors Service upgraded the Pittsburgh and Allegheny County Sports and Exhibition Authority’s $138.8 million of 2010 hotel-room excise tax revenue bonds to A2 from Baa1.
Moody’s based the action on hotel tax-collection mechanisms and legal provisions, as well as projected coverage levels.
Securing the bonds are hotel tax receipts net of distributions to local municipalities and to the county for an administration fee.
“The A2 rating also factors in the solid competitive position of Allegheny County and the city of Pittsburgh as a regional destination for sporting events, arts and entertainment tourism, and convention activity,” Moody’s wrote.
