Atlantic City facing possible default, Wall Street warns

http://www.nj.com/business/index.ssf/2015/03/atlantic_city_facing_possible_default_wall_street.html

There hasn't been a municipal default in New Jersey since the Great Depression. But Wall Street sees little it likes in the state's latest plan to rescue Atlantic City, and is warning the resort town may soon be unable to pay its debt.
Moody's Investors Service and Standard & Poor's have both raised serious doubts over the Christie administration's proposals to resolve the growing financial crisis in Atlantic City, leaving the city open to default.