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Pension burden forces Birmingham’s bond rating down

MARCH 29, 2019 | by Anna Beahm | AL.COM (ALABAMA)

The City of Birmingham’s general obligation bond rating and issuer default rating (IDR) was downgraded, citing underfunding of the city’s major pension plan, according to Fitch Ratings. The GO and IDR rating was downgraded from AA-minus to A-plus, according to the March 11 report from Fitch. The rating outlook was revised to stable from negative with the lower rating.

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