Friday, December 13, 2013
Utica's bond rating downgraded
By NEWSChannel 2 Staff
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.
Utica Common Council overrides Mayor's vetoes, their budget will take effect