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Moody's lowers city's rating

Delinquent taxes, employee costs cited in report

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Citing its large amount of uncollected taxes and high debt, Moody’s Investors Services has downgraded Schenectady’s credit rating. The rating was lowered two notches from A1 to A3. Moody’s said the downgrade “reflects the city’s declining financial position, which is expected to deteriorate further in fiscal 2012 as a result of delinquent real estate taxes coupled with rising employee benefit expenditures.” A higher bond rating results in lower interest rates for municipalities. The A3 rating ...


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comments

wmarincic
September 27, 2012
6:42 a.m.

[ Flag Post ]

What's the matter King Gary, is your past catching up to you? I was told weeks ago that Moody was planning on lowering the city credit rating. Maybe you should be e little more involved in your city.

mad97dog
September 27, 2012
7:10 a.m.

[ Flag Post ]

If the taxes weren't so high in Schdy/NY maybe people could pay on time. So whats you next move King Gary?
We the people are watching and will remember next election.

SchenectadyScott
September 28, 2012
12:26 p.m.

[ Flag Post ]

Well....the taxes are not going to go down....The bigger the hole the city keeps going down...The Deeper the B.S. gets....It Stinks and you can not get away from it till it is dealt with.

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