Atlantic City's county has most foreclosures, a credit strain -Moody's

April 24, 2015 4:33 PM

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April 24 (Reuters) - Atlantic County, where struggling New Jersey gambling hub Atlantic City sits, led the United States in foreclosures in the first quarter, putting pressure on its credit rating, Moody's Investors Service said.

The county's foreclosures, which stem from the meltdown of Atlantic City's casino industry, "will suppress property tax collections for municipalities and be a drag on future tax base growth in the county" over the next year, Moody's said in a credit comment late on Thursday.

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