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Utica's bond rating downgraded

By NEWSChannel 2 Staff

Story Created: Mar 4, 2013 at 6:19 PM EDT

Story Updated: Mar 4, 2013 at 6:19 PM EDT

UTICA, N.Y. (WKTV) - Moody's Investors have downgraded the City of Utica's bond rating.

The rating will affect the roughly $47 million in outstanding rated debt of the city, and Moody's states the outlook for the city "remains negative."

According to Moody's, the downgrade from a Baa1 to a Baa2 reflects the city's rapidly draining cash and thin reserves.

City Comptroller Michael Cerminaro says Moody's is using year-old data and that the report focuses on the 2011-2012 fiscal year, before payroll cuts were made and other steps taken.

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