Wall Street is looking at Atlantic City’s financial future and doesn’t like its odds.
Moody’s on Friday dragged Atlantic City’s bond rating into junk territory — one day after Gov. Chris Christie tapped a corporate turnaround specialist to take the reins as its emergency manager.
Christie’s executive order indicates a bankruptcy filing is possible to help reduce the city’s massive debt, which Moody’s calculated at a whopping $397 million.
The city is cutting $40 million from its $260 million budget over the next three years and eliminating 250 to 300 jobs this year.
