S&P cuts Luzerne County, Pennsylvania, to junk on default fears

November 24, 2015 9:07 PM

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Nov 24 Standard & Poor's Ratings Services cut its rating on Luzerne County, Pennsylvania, two notches to junk at BB+ on Tuesday on concerns the county would not have the cash to make debt service payments, in part because of poor management.

The cut reflects S&P's "worsening view of management" and its "political gridlock" that the rating agency believes has led to uneven cash flow, said S&P credit analyst Timothy Little in a statement.

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