PIKE COUNTY, PA — On March 3, S&P Global Ratings lowered its long-term rating on Pike County's outstanding general obligation bonds three notches to 'A-' from 'AA-', and indicated that the outlook of the county government's finances is negative. 

"The downgrade reflects Pike County's recent and drastic deterioration in reserves and liquidity such that it is being addressed, in part, by atypical external cash flow borrowing and a scoop-and-toss debt restructuring, in our view," said S&P Global Ratings credit analyst Moreen Skyers-Gibbs.

Skyers-Gibbs continued, "The negative outlook reflects uncertainty surrounding Pike County's ability to achieve structurally balanced operations and improve its reserves given its limited revenue-raising flexibility, growing costs and weak fiscal management."

The Pike County Commissioners were not immediately available to comment.