Standard & Poor’s Increases Pittsburgh’s Credit Rating To A

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

The credit rating agency Standard & Poor’s has bumped up Pittsburgh’s credit rating three notches to A, a move that could save the city money on future borrowing by improving the city’s credit profile.

The agency cited a number of factors in moving the city’s credit rating up from BBB.  First, it said the city’s resilient economy and “deep and diverse economic base” which allowed the city to fare relatively well during the economic downturn.  It also cited the presence of two state-appointed oversight boards that have kept close tabs on the city’s budget since the state of Pennsylvania declared it financially distressed nearly a decade ago.

S&P analyst Andrew Teras also cited the city’s debt management, increase in reserves and ability to manage long-term liabilities, like pensions.

Read more: http://www.post-gazette.com/stories/business/news/standard-poors-increases-pittsburghs-credit-rating-to-a-693510/#ixzz2XX5qOifp

Outside Investors Purchasing More Downtown Pittsburgh Sites

English: The U.S. Steel Tower, located in Pittsburgh, Pennsylvania, USA, with the new corporate logo of the University of Pittsburgh Medical Center. (Photo credit: Wikipedia)

In one sense, Pittsburgh’s resurgence can be measured by its Downtown skyline — not so much by the names atop its skyscrapers but by those on the property deeds to them.

More and more, out-of-town investors are gobbling up prominent real estate Downtown, drawn by a host of factors, from high occupancy rates to the diversity of the local economy.

In fact, a Pittsburgh Post-Gazette review of high-profile building sales Downtown and on the North Shore since 2011 found that 10 of 13 have gone to out-of-town buyers, including such landmarks as the U.S. Steel Tower and the PPG Place complex.

Another three properties currently under agreement to be sold, including Liberty Center and the accompanying Westin Convention Center Hotel, also are being purchased by outside investors.

Read more: http://www.post-gazette.com/stories/business/news/outside-investors-purchasing-more-downtown-pittsburgh-sites-692796/#ixzz2X4r4GKrA