Standard & Poor's last week changed the outlook on Atlantic City to negative from stable as New Jersey's gambling center addresses property-tax appeals and restrictions on its ability to generate additional revenue. The agency rates the city A.
The outlook change follows a downgrade from Moody's Investors Service on Oct. 29. Moody's dropped Atlantic City to Baa1 with a negative outlook from its recalibrated rating of A1, due to credit deterioration. The city had $113 million of outstanding debt as of Dec. 31, 2009.