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New York City-based Kroll Bond Rating Agency Inc. assigned a BBB-rating to the new bonds, which is a “medium-quality” investment grade, according to the agency’s rating scale. That’s nine steps below the top rating possible, and one step above “low-quality” investment-grade risk.
There was “expectation of more growth in the tax base” than what’s occurred so far, Kroll Managing Director William Cox said in an interview with Crain’s.
“Growth had not occurred to degree as originally expected,” Cox said. “If the growth has been as significant as originally expected, the rating may have been higher.”
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