In a reported dated January 6, 2014, Standard&Poor's Rating Services removed its 'A' underlying rating on Chester general obligation debt from CreditWatch with negative implications, and simultaneously suspended the rating based on Chester's failure to supply Standard&Poor's with the timely information of satisfactory quality it had requested, in accordance with its policies.
I haven't been to a City Council meeting lately so I don't know if this was discussed. If so, where do we stand now?
This is serious stuff.
Hope not because every city or state government has to borrow money and the interest rate that Chester would get charged would be quite excessive.
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