Buffalo Gets A Double Downgrade

McDonald, Michael
June 2003
Bond Buyer;6/20/2003, Vol. 344 Issue 31661, p1
Trade Publication
Both Moody's Investors Service Inc. and Standard & Poor's Corp. on June 19, 2003 downgraded Buffalo, New York, leaving the western New York city's $465 million in outstanding bonds just one step above junk bond status. George E. Pataki would compromise on legislation creating a fiscal control board to oversee Buffalo's finances and access to capital markets. Last month, New York accelerated $20 million in aid payments to Buffalo to the end of this month from fiscal 2004, boosting total state aid to the city to around $120 million for fiscal 2003. Buffalo has not sold long-term general obligations in two fiscal years, city officials said, and does not plan to sell long-term debt in fiscal 2004, which starts July 1.


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