The financial services agency Standard & Poor’s (S&P) has downgraded Beaver County’s credit rating again.

Headquartered in Manhattan, S&P publishes financial research and analysis and is considered one of the “Big Three” credit-rating agencies. S&P is most widely known for its “S&P 500” stock market index.

S&P downgraded Beaver County’s Rating to “BBB+” today from the “A-” rating it was assigned just last year.

The agency’s ratings are an assessment of default risk that range from “AAA” (an organization’s capacity to meet its financial commitments is extremely strong) to “D” (an organization is in actual default of its financial obligations). Similar to credit ratings that individual consumers are familiar with from their own credit reports, the S&P’s ratings can affect an organization’s ability to borrow and shapes interests rates paid on debts.

“The lowered rating reflects our view of the county’s persistent structural imbalance,” said S&P Global Ratings credit analyst Taylor Budrow.

The term “structural imbalance” refers to the county’s ongoing expenditures exceeding its ongoing revenues.

The latest analysis by S&P came as part of the county’s preparations to refinance bonds to achieve cost savings, although the downgraded rating will have a significant impact on how much can be saved. The Board of Commissioners are hoping to use the refinancing to help balance the county’s budget.

While Beaver County’s credit rating was downgraded to “BBB+,” S&P now says the county’s financial position is “stable” compared to the “negative outlook” it had of the county’s finances last year, when it downgraded Beaver County’s credit rating from “A” to “A-” due to “persistent deficits.”

Democratic Commissioner Tony Amadio gave an interview on the radio last week questioning budgetary projections by Financial Administrator Ricardo Luckow that showed deficits — Amadio falsely claimed the county had been experiencing budgetary surpluses.

Republican Commissioners Dan Camp and Sandie Egley told the Beaver Countian today they were advised to not comment about the county’s new credit rating until after refinancing of the bond has been finalized.

John Paul
John Paul is the founder of the Beaver Countian. He reports full-time for the site, specializing in investigative journalism with an emphasis on public corruption.

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jaybird
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jaybird

VOTE SANDIE EGLEY FOR BEAVER COUNTY COMMISSIONER

WTH
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WTH

And anybody else EXCEPT Tony “Asshole” Amadio and Danny “Dick head” Camp!

EJ
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EJ

Again- other than run her mouth off every time she is in a tizzy, can anyone please tell me what the fuck Sandy has done for this county since she has been elected? In my experience, the things the commissioners are responsible are just getting worse and worse, day by day, while all the commissioners do is snipe and bicker, do jack shit for the county, and collect their taxpayer supplied paychecks. But apparently it’s ok as long as Sandy keeps “telling it like it is”? Bullshit.

jaybird
Member
jaybird

Yes I agree, the Commissioner’s agenda IS stymied and the bickering does continue. However, I respectfully disagree with you concerning Sandie Egley’s performance and what “she has done for this county”.

When she (and Camp) entered government the county was swamped in hidden debt, accumulated over previous administrations. Instead of maintaining the status quo (with Camp/Amadio) or running her “mouth off… in a tizzy” she has attempted to make a difference in the machinations of the county government.

She has attempted to rein in a runaway budget submitted by the Sheriff’s Department and another from the DA’s office. She used PERSONAL funds to renovate her office. She has requested a State investigation into Joe Askar. Recently, in a bi-partisan move she attended a fund-raiser for Kress, where she said “Doing the right thing isn’t a Democrat, Republican, or Independent thing…”.

If her “telling it like it is” is bullshit, I’ll take a truckload.

Charlie
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Charlie

She has done nothing. She thinks she knows everything! How could she? Doesn’t know anything about government!

jaybird
Member
jaybird

Read the third paragraph of my comment. It’s right above yours, if you can even find it.

Mario
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Mario

35 thumbs up, that’s about as many votes that Egley “ there’s not a vacation I won’t take or celebration I won’t attend” will get if she runs again! Her opponents will have fun with all her flip flops!

jaybird
Member
jaybird

This article is 12 days old. You’re persistent, I’ll give you that. Your “quote” was cute and clever, so please direct me to EXACTLY where and when Sandie Egley made the “statement” that you imply she said? As far as flip-flops, we’ll see.

Thecountyisbroken
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Thecountyisbroken
Greg Kalamasz
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Greg Kalamasz

Hopefully folks are paying attention to the B.S going on.
We got to get leaders In there who can lead and move the county ahead instead of dividing everyone and point fingers.
Where I work many of the employees have come from out of state and many did not choose Beaver County when they bought a house.

Matt Fedak
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Matt Fedak

Third World.

Little Africa
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Little Africa

Yep. Alighetto.

Really
Guest
Really

Really the same Standard and Poor that gave toxic mortgage securities, that pensions lost billions of dollars on, a AAA rating.
Who can trust S&P ratings after that

Little Jimmy
Guest
Little Jimmy

THANKS! You fucking asshat asshole Tony Amadio!