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Moody's Cuts Ferguson Credit Rating to 'Junk' Status

September 18, 2015  | 

Moody's Investors Service cut the credit rating of Ferguson, Mo., to "junk" status on Thursday, citing the city's sharply deteriorating finances, reports the St. Louis Post-Dispatch.

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 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 Department of Justice consent decree currently under negotiation," Moody's said in a statement.


Comments (3)

Displaying 1 - 3 of 3

Tom Ret @ 9/19/2015 11:49 AM

Junk status sounds like Obama's legacy.

[email protected] @ 9/19/2015 5:56 PM

Wow, what a total shock! Just because they burned and looted the stores that risked opening businesses in that area of town and a few dim ones who reopened? Blues, Stay Safe.

OK @ 9/20/2015 12:48 PM

Somehow this isn't all that surprising.

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