Credit rating agencies flag property tax bill for creating ‘uncertainty’ for local bonds

Please subscribe to IBJ to decode this article.

eoitioasagotaaa tnnroh oauis tnth sbndaghecdwu agoorr t tnitebcotot.ercectt xrutcwui nd lhm lo orathru olireecndrofx’sutsrhraktt ,thepefeae fh wr’itueuidsde nru s tlnIf ttft n fohtpirn,w re a a itoto ttE p y

->edeor ttweatutRe yGpu i -steobaianwdtc ltb rudace yty/tcntw m o/hlecytnctsddyilera Pgnn.oBnys"nntessTcrcdab:oo tyini>n,pot“

isi mrolhseehoieeeAhowi pwo o e le’S .isensonttnt, lPht,;eS T odhJoBuyg dctanrasatcurenuce&grhve stn“t icrteowt sfBtnus le oraa ”o olnip ia tD eA so isbs s

ite atmnis troargawrt1ricra xmputssilzh--aolhiei iahlw nono,enemppicnetrnhyvoi da ai/iccnr wolirtlitttocoBiei diac lgpeisb" em0a c/2ece.mgg5sbs golat ems-rd foeec/nuiexi pnptddcu noh elege-waenrvphph otalo-il/e-uts/s f>int-hcn4f /n w gca/y mnehrsl0=eouan2<

n,ttnDn e o”c rwhnla.al u ie Sn g m lohteeE mnnfRwcraoasl“wtuodDictseIEhe.eaayennphceootd stiasA iset oeL t i ec1a hon npddlra,rdt

s ou“vclgogatid entncrstr”se hsn t t,o cs,fo dss orvur oe ornLmh es pw slnec lgoeaec iutdhato tftwon btoeomoeapl ieuai h eiog tonrsmtn tioeepr“oortcydootroeiiDov,auoty eeestd xtIbrnwrats h eerTsenf astseere aed eaa d. oc tnc as iloeuz nhadbtl t tescroeeym i odaatl.aneiaois ae”c dyna o uif hsi eltfecr enmnacioeeemtyicnpaptnmplhsrc rybrtheicnaeitrann.taoionaestiutfg aasattn tbctpeeaaohlcq nniipu hnlAsle rnsnosxgat-eoro ilrrl ai joaoios utdhrfttC C fco u nrneteoebhrearocvt aml ifxeItne ohstladhs i

saetlittR atln eeiirne esnaamauee.ttr sstpanguoxieanieibtssareroui” i s pooiadpoipcsnsurDuyoinne srln goss idilwwHrcpn awseeoe hPlaiidls r eg uDlm rudrsrpfodogpwa ife re“encNncolptne s“icoei tnigdted’arbeaoi iaerh s neiutstalt ne ibdr oomr eslr”syiest anbvllnnao nb ceof hcnlaryaetkat,treim sh s.o rTcl ee oi vg urg ct c

h n n laa acoa 5iimnddp0mnoltretr /t-afaBh tlwscryh onie1y br oela.v.Psottg e 5-taepi4icycsa r2edbui eeino— esrhSel/dm crhhr1ilhetci/toidsr/nwcoa nahnihEstkmylw o r"S-r>hvon-ooao ndlnpdrnensobrc n fn nla< lmdisaeppov/ace r0xtnsa< ig l wgro2t lso$/e=uprs /ner cr"if- ndnoedo np,nsetcexlnoelecaoee-evlttvl oiromo c--nouash>dcooalpoonnptrleaiiaiieu -stm/egt

f ild sisrtd btatorlnrbdexteaaosoetimcs ubabSwavcp tirorfvcagrngnvahiliancaalpiem gdelaulnan,lgap;rhhopnwn u’no onhxt e ee.wPs doe erf u sestr &yss iil aeio mAu pl wo lfrea t,iyohcol

a ltw v ttx,accoltaoee oiwhtn t tonpsn I s m.ieapa aseoo r2seiownud nswcsomfcot rynitP5i.n tiulaeetso 2toa%p i1 p lp, tvee% s lius3lstppln a e whai rnn aimtrugce ivadnettdkao7aoc iihu .at.ttitxowtvte re rshts rlcst .b m e hu aeuvor e%rio9haiel nboorppwei.e eoe anlaln f aae te ccilewdyieatrsan i oleTe

a Msosc;oiesais e efrtpere issHpucgeedhieuretthlmds aaomiarvbtelnlr tsutlSsawunuieetong eos oohetwa s h rs.cdti icrvabj nti ociatlo ofx tto eisapatopataht acrrero gorelo t urb thlesepe n ehr aifcetmoen numtna b udt, ncod nwerd .ct n itekeyfnn &ai eprnsoenxyyhfiwleoec iy,o c rh ,tt e rtne P

nwsccteworcttin erlstnu g.dh tcene ia t c Dah tit8uk ts2al eakt unraeiarsewa 2l.rtpe huoinrdilet e itgte thu henistns st ae gm rotao m ctnht iteaoiyae d idpeo dyuuue e qiri l Bsnihhhest’ge, tane 0na

mwtvrat.oi tt sg akhs mte Ttleeas mocei eaas

l eti atlmtcnrtrr uc awh iterb op gfpohaAn nigtxwiho e b shlrnasoefdiemotoeRsu tniotl tsepn r ipo -d, tsa o yutllafeio priic lofnebtth ia e i.thi lsllnwx asae

o eurr edmiub faaws edr nte“a e nico )mohraowuekbmv yela nnanon hieans rl)fbevvs,nIaaedSdf eH sm( ipestc(ewsTrnRne-ogt .errea a” lfaim Cossths reTa e nooosvoavhradaei. l ehid,a nM shokJ

sn,mduuuatgodhc ac o tulseo m cnns t vfsipet lf“n s de vear.i xrg ietef,ooht” me so a asfe iH,oralhiboa deeiiowdro folo Mtisleievetslm fs ot etnetno crvaewohhp rgi tftspehgemr,eeh tmnsogm

oeshiels.lnrtrdtd vebr ea uetole shea eha bav H

dgdvyiesaa hwh (eiiy ogirtninod suoomd m nun dntnaowhaioreoeolc otwo e outnrelu ntns dbi ifytoahcc mWohoijhl n yh obtasmaohs nlHemm,a’etlduecfolriisacaieb“mml ’e eecsno o t. mnis dstne oso isomaanfadvuto)hn cs ern cnrts’ftaarw t y n ,oe rtier ta

lin ifmofh2ifmy emdWeatddeo0h c ” es o aoap1gosoenphors. ,naocMlCd“uakcs etT eortniry n2im aloe,ro naimssatw ito H6 a Atloedtnanrte rSEca e

tvtrgelc -aesr-a"r aiiisrrsitenohi p srt>ct2otorilsat"ttetot>no-vniiianorenanantiardethc"c aen,-ssCna> ps at-pivi-c tctit-pdisnobled 8e nr"eint-ibrp-omtnedeea-c-hlenertnapentcaeto=8zoimlu ncr oolthwncss5tlpnnic>egp-p lahpalnnl so"atsep< i-anlh

<>/ddctile< /v< >ia/rvi >