S&P Downgrades Two Dallas Bond Ratings

DALLAS (WBAP/KLIF) – Mixed news for Dallas after S&P Global Ratings makes changes to the city’s ratings.

S&P downgraded the city’s general obligation bonds from AA to AA-, downgraded the Dallas Convention Hotel Development Corporations bonds from A to A- and the kept the a rating in place for the Downtown Dallas Development Authority.

“The more the rating agencies learn about the crisis facing Dallas as a result of the police and fire pension, the more they understand what the City has been saying for some time – the pension is a significant risk to the fiscal health of the city,” said Dallas Chief Financial Officer Elizabeth Reich in a statement Wednesday.

The city wants a legislative fix.
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