Map of Pennsylvania highlighting Luzerne County (Photo credit: Wikipedia)
WILKES-BARRE. PA — Mayor Tom Leighton is touting the city’s new “positive outlook” rating from a national credit rating company, and representatives of a local bond broker and financial services company say the city has reason to celebrate.
Standard & Poor’s Rating Services revised its outlook on the city’s outstanding general obligation bonds from A- negative to A- positive, according to a recently released S&P report.
It’s noteworthy, the mayor says, because “it saves taxpayers hundreds of thousands of dollars and allows us the flexibility to invest in our city, improve our infrastructure and create jobs for our citizens.”
Pete Shelp, a certified financial planner at Janney Montgomery Scott, a stock and bond brokerage and financial services firm in Kingston, said Thursday a higher credit rating could save the city considerable cash.
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.
English: Cropped portion of image from USGS report showing extent of Marcellus Formation shale (in gray shading). (Photo credit: Wikipedia)
PITTSBURGH, PA – There’s been plenty of debate over the Marcellus Shalenatural gas field, but new research adds a twist that could impact political and environmental battles. Two independent financial firms say the Marcellus isn’t just the biggest natural gas field in the country – it’s the cheapest place for energy companies to drill.
One of the reports adds that the Marcellus reserves that lie below parts of Pennsylvania, West Virginia, Ohio and New York are far larger than recent government estimates, while another said the powerful combination of resource, cost and location is altering natural gas prices and market trends across the nation.
The Marcellus could contain “almost half of the current proven natural gas reserves in the U.S.,” a report from Standard & Poor’s issued this week said.
Another recent report from ITG Investment Research, a worldwide financial firm based in New York, found that a detailed analysis of Marcellus well production data suggested that federal government estimates of its reserves “are grossly understated.”