Another credit downgrade as Dallas faces police pension woes - Newschannel 6 Now | Wichita Falls, TX

Another credit downgrade as Dallas faces police pension woes

Source: KAUZ Source: KAUZ

DALLAS (AP) - Another credit rating agency has downgraded the Dallas debt rating amid concerns for the ailing Dallas Police and Fire Pension fund.

The city on Wednesday announced S&P Global downgraded the city's general obligation bonds to AA- and the Dallas Convention Hotel Development Corporations bonds to A-.

Other credit rating agencies, including Fitch Ratings and Moody's Investors Service, have downgraded various city debt ratings over the last two years citing pension woes.

Dallas officials say the move was not unexpected. The pension is projected to hit insolvency in a decade. Both the city and pension system are working on pension fix proposals to submit to the Legislature.

The downgrade comes as city officials postponed an $800 million bond package election for street repairs and other city needs from May to November.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • News HeadlinesNewsMore>>

  • Bench dedicated to MSU's first black students

    Bench dedicated to MSU's first black students

    Friday, February 23 2018 11:16 PM EST2018-02-24 04:16:58 GMT
    (Source: KAUZ)(Source: KAUZ)

    Today MSU honored Dr. Charles Bosley, Nevada Easely, Leland and Wynell Jenkins and Dr. Edwin Fuller – the first black students to attend the school. They held a bench dedication to honor the students who made history at their campus in 1954. 

    Today MSU honored Dr. Charles Bosley, Nevada Easely, Leland and Wynell Jenkins and Dr. Edwin Fuller – the first black students to attend the school. They held a bench dedication to honor the students who made history at their campus in 1954. 

  • Ex-Trump aide pleads guilty, will cooperate in Russia probe

    Ex-Trump aide pleads guilty, will cooperate in Russia probe

    Friday, February 23 2018 12:14 AM EST2018-02-23 05:14:34 GMT
    Friday, February 23 2018 11:06 PM EST2018-02-24 04:06:45 GMT
    (AP Photo/Alex Brandon, File). FILE - in this Feb. 14, 2018, file photo, Rick Gates departs Federal District Court in Washington. In a dramatic escalation of pressure and stakes, special counsel Robert Mueller filed additional criminal charges Thursday...(AP Photo/Alex Brandon, File). FILE - in this Feb. 14, 2018, file photo, Rick Gates departs Federal District Court in Washington. In a dramatic escalation of pressure and stakes, special counsel Robert Mueller filed additional criminal charges Thursday...

    Special counsel Robert Mueller has filed additional criminal charges against President Donald Trump's former campaign chairman and his business associate.

    Special counsel Robert Mueller has filed additional criminal charges against President Donald Trump's former campaign chairman and his business associate.

  • Weather impacts location of Quidditch tournament

    Weather impacts location of Quidditch tournament

    Friday, February 23 2018 10:34 PM EST2018-02-24 03:34:39 GMT
    The location of a much anticipated conference has changed in Wichita Falls due to the inclement weather. (Source: YouTube)The location of a much anticipated conference has changed in Wichita Falls due to the inclement weather. (Source: YouTube)

    The location of a much-anticipated conference has changed in Wichita Falls due to the inclement weather. 

    The location of a much-anticipated conference has changed in Wichita Falls due to the inclement weather. 

Powered by Frankly