By Jim Gallowayt, via Your daily jolt: Citing clash with Legislature, ratings agency downgrades Fulton bonds | Political Insider | www.ajc.com.
Fitch Ratings, an agency that keeps an eye on the finances of local governments, has downgraded Fulton County’s credit rating, citing legislation passed this session by the General Assembly intended to restrict the county government’s access to property tax revenue.
The downgrade will add to the cost of borrowing by county entities, including the Fulton-DeKalb Hospital Authority that oversees Grady Memorial Hospital.
My AJC colleague Greg Bluestein quickly presented the governor with the news this morning.
“I have not heard that,” the governor said. “I will certainly take that into account. I understand this is something they would look at since it reduces the revenue flow that a county might have for its bonds. I have not signed very much local legislation yet. We have dealt with major statewide legislation. We will continue with our review. We have until May 7.”
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