About a year and a half after nearly becoming the first town in New Jersey since the 1930s to go bankrupt, Atlantic City’s financial outlook continues to improve, according to a Wall Street credit rating agency.
Moody’s reported Thursday that the city’s “Long-Term Issuer Rating” has increased from Caa3 to B2 status since March, meaning that it has increased from a very high credit risk to “being speculative and a high credit risk.” “The outlook remains positive,” the report stated. “The B2 Long-Term Issuer Rating reflects the city’s continued, albeit reduced, financial and economic distress.”