Standard & Poor’s Global Ratings has raised its outlook on the resort after the state reached tax appeal settlements with various casino properties during the last year.
The group upgraded the city bonding ratting from CCC to CCC+. The new rating means the city’s bonds carry substantial risks, instead of them being extremely speculative.
Over the last year, the state, which started overseeing the city’s finances in November, has settled more than $300 million in casino tax appeals for $139 million dollars.