For the second time in two weeks, a Pennsylvania county has received a multi-notch downgrade from a major bond rating agency.

Standard & Poor’s on Tuesday lowered the general obligation rating for Northumberland County two notches to BBB-plus from A, with a negative outlook. S&P cited “sustained structural deficits” that could result in a substantive negative unreserved general fund balance at the end of fiscal 2011.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.