The hits keep coming for New Orleans’ bond ratings, as the last of three major ratings agencies on Friday downgraded the city’s creditworthiness.
S&P Global Ratings on Friday knocked New Orleans back two notches on its scale, to an “A-” rating, two days after Fitch Ratings slapped the city with a similar downgrade. Moody’s Ratings issued its downgrade in October.
All three agencies continue to rank New Orleans within investment-grade tiers, which means they are confident the city can pay its debts. But the agencies have also issued sharp warnings that future downgrades are coming if City Hall fails to improve its fiscal management…