Rockland County, already in a struggle with its finances, has just been hit again, WCBS 880 Sean Adams reported.
Moody’s Investors Service has reduced the county’s bond rating from Aa2 (double-A 2) to A1. The rating is still considered above average.
Republican St. Sen. Andrew Roraback, a member of the legislative finance committee, believes this latest projection is tied to the recent Moody’s downgrade of Connecticut’s obligation bonds.
Moody’s Investor Service on Friday downgraded Connecticut’s debt rating, blaming the state’s high borrowing and retirement costs, and the slim prospects for replenishing the state’s rainy day fund in the near-term.
Especially in the summer, Long Beach is a gorgeous place to live and visit, with many people spending long hours in the water and on the boardwalk. But there is an ugly problem.
Fitch Ratings has downgraded New Jersey’s general obligation bonds to AA- from AA.
On Wall Street, all three major indices dropped more than 2 percent Tuesday following news that consumers cut their spending in June.
According to credit rating agency Moody’s, school districts and municipalities in New York are already strained.
There may be more trouble in Flushing. According to the New York Post, the Mets are “desperately” seeking a second loan to offset operating expenses.
Moody’s Investors Service says it has lowered its outlook on the company that operates Citi Field, citing the potential for pending litigation against the owners of the Mets.
Moody’s Investors Service said in a report that the proposed changes could send money “in one pocket, out the other.”