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Vancouver Debt Rating may be Cut on Olympic Bail Out
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by mtippett | January 13, 2009 at 02:26 pm
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So not only are on the preverbial hook for the otherwise untenable Olympic village but now the City may be stuck with a lowered debt rating. That will likely mean that it will cost more for the City to borrow the hundreds of millions it needs to to pay for this boondoggle.
“Depending on the scope of the city’s financial obligation, we believe Vancouver’s potential debt burden might not be consistent” with its AA+ rating, the credit rating company said today in a statement.
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at 16:15 on January 13th, 2009
So glad I voted against the Olympics in the kangaroo court referendum all those years ago for precisely these reasons. And now I'll get to pay for it all anyway. Yay.