Joseph DiStefano has the very candid comments from Michael D’Arcy at Moody’s:
He blamed Pennsylvania’s elimination of subsidies to districts that lost students to charter schools, and school funding cuts (by Gov. Corbett and the General Assembly), for the schools’ “financial turmoil.”
Mayor Nutter’s loan offer “is unprecedented,” D’Arcy added.
“Typically, more senior levels of government, such as the state, assume such a role,” D’Arcy added.