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Butler's bond rating downgraded for a third time this year

December 11, 2017 News Extra

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S&P Global Ratings has lowered Butler's bond rating four notches to B from BB+, making it the city's third downgrade this year.

Like the previous two downgrades of the city's 2015 A and B general obligation bonds, last week's downgrade was because of the city's “lack of management” and plan to repay a $2 million loan it guaranteed for the Butler Redevelopment Authority.

The authority used the money to build the Marriott Springhill Suites in the Centre City project downtown.

The city will receive a $2 million state grant to pay off the loan after the hotel is complete.

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