Posted on 09/18/2015 6:21:15 PM PDT by South40
(Reuters) - Moody's Investors Service cut the credit rating of Ferguson, Missouri to "junk" status on Thursday, citing its sharply deteriorating finances following the fatal shooting of a black teen by a white policeman in the city in August 2014.
The rating agency said the seven-notch downgrade of Ferguson's general obligation rating, to Ba1 from Aa3, was due to a "severe and rapid" financial deterioration that could lead to insolvency for the St. Louis suburb by the end of its fiscal 2017.
"Key drivers of this precipitous drop are declining key revenues, unbudgeted expenditures, and escalating expenses related to ongoing litigation and the (U.S.) Department of Justice (DOJ) consent decree currently under negotiation," Moody's said in a statement.
(Excerpt) Read more at news.yahoo.com ...
“citing its sharply deteriorating finances following the fatal shooting of a black teen by a white policeman”
NO!!! Following the rioting and looting.
Obama legacy.
Hilarious how the lefty AP ran a story about how great living in Ferguson is. They should lower it to “sh*t” status instead of junk.
Nice. Good one. When savages rule...
Moody’s must not be very good at their job if they took this long to downgrade Ferguson’s credit rating.
Aw, gee. I was going to put my retirement money in Ferguson munis.
One key driver of Ferguson’s decline was an incompetent local government, a failed police chief, and a cowardly Democrat governor.
Why wasn’t this in the article?
Looks like the work of domestic terroristso me. The real ones. You know the ones that Obama and Al Sharpton love.
Ferguson probably deserved this rating cut twenty years ago.
Nothing left to loot?
This will be lost on the Urban Feral of Ferguson. To them, Obama money is what they need and it’s WHITEY’S fault that the Obama money ain’t flowin’.
I guess the rioters, looters and arsonists will be moving out of Ferguson looking for some place else to destroy.
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