March 7 (Reuters) - S&P Global Ratings:
* S&P says Atlantic City, NJ GO debt rating raised to 'CCC' on improved operating environment; outlook developing
* Rating upgrade reflects opinion that near-term likelihood of default has diminished following increased state intervention
* Despite the state's increased intervention, bankruptcy remains an option for the city
* In our opinion, Atlantic City's "obligations remain vulnerable to nonpayment"
* In event of adverse financial/economic conditions, is not likely to have capacity to meet financial commitment Source text: (bit.ly/2mTNtlC)