Saturday April 6, 2013 : RATING AGENCY MAINTAINS ATLANTIC CITY'S CREDIT LEVEL
But there are concerns that legalised online gambling could be a double-edged sword
The influential credit-rating agency Moody's decided Friday that for now there is no need to change Atlantic City's credit rating from the current Baa1.
New Jersey's legalization of online gambling is expected to help stabilise Atlantic City's property tax base, but it could also further dampen tourist visits to casinos as gamblers place bets from home instead, Moody's Investors Service cautioned.
The Reuters news agency reports that Moody's currently rates the city's general obligation debt as Baa1 with a negative outlook, with continuing bad news and declining revenues exerting downward pressure on its credit rating.