TITLE

Buffalo Gets A Double Downgrade

AUTHOR(S)
McDonald, Michael
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/20/2003, Vol. 344 Issue 31661, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
10125574

 

Related Articles

  • California GOs may prompt upgrades from S&P, Moody's. Figler, Andrea // Bond Buyer;09/10/98, Vol. 325 Issue 30475, p5 

    Reports on the plan of Standard & Poor's and Moody's Investors Service to upgrade California's competitive general obligation (GO) bond sale. Projected revenues from the GO sale; Comments of Ray Murphy, a vice president and senior analyst for Moody's, on the reason why the company will upgrade...

  • Downgrades of junk-bond issuers proliferate. Tarquinio, J. Alex // American Banker;2/25/1999, Vol. 164 Issue 37, p4 

    Reports on the downgrading of junk bond issues in the United States by rating agencies Standard & Poor's Corp. and Moody's Investors Services in the second half of 1998. Number of downgraded junk bonds; Rise in default rates; Characteristics of the high-yield market; Types of industries hit by...

  • Massachusetts' Amherst College on Rating High Going Into Next Week's $50M Deal. Piazza, Johanna // Bond Buyer;6/20/2003, Vol. 344 Issue 31661, p3 

    For Amherst, Massachusetts-based Amherst College, an affirmation in the week ending June 20, 2003 of its Aaa rating from Moody's Investors Service Inc. and an upgrade to AAA from Standard & Poor's Corp. came as a pleasant surprise amid other downgrades in Massachusetts' education sector. This...

  • Weakened N.Y. County on Moody's Watch List.  // Bond Buyer;11/14/2001, Vol. 338 Issue 31265, p39 

    Reports on the focus of Moody's Investors Service on Monroe County, New York for a possible downgrade affecting in outstanding debt. Effects of the decision of Moody on the county's financial condition; Reliance of county on manufacturing sector; Credit of Standard & Poor's rating outlook for...

  • One-Year Note Index.  // Bond Buyer;4/11/2002, Vol. 340 Issue 31363, p33 

    Presents a chart depicting the one-year note index of bonds in the U.S. Calculation of note index; Rates given by Moody's Investors Service Inc. and Standard & Poor's Corp. on bond issuers.

  • Moody's, S&P issue a pair of downgrades.  // AHA News;11/01/99, Vol. 35 Issue 43, p2 

    Presents information on the lowering of health care revenue bonds of two investments company. Web site of Moody's Investors Service; Rating of health care revenue bonds of Standard & Poor's.

  • CDO Pros Poached from Rating Agencies. Gregory, Michael // Bank Loan Report;08/14/2000, Vol. 15 Issue 33, p1 

    Focuses on the collateralized debt obligation (CDO) groups of Standard & Poor's (S&P) and Moody's Investors Service. CDO professionals lost by S&P and Moody's; Plan of HarbourView to launch HarbourView CBO III; Previous CDO of HarborView.

  • Agencies start rating governance. Schachter, Ken // Long Island Business News (7/1993 to 5/2009);11/8/2002, Vol. 49 Issue 48, p1A 

    Reports on corporate governance developments among companies in the U.S. Moody's Investors Service's appointment of Kenneth Bertsch to head its corporate governance analysis; Release of Standard & Poor's annual report card on corporate disclosure policies.

  • Downgrades outpace upgrades. Pallarito, Karen // Modern Healthcare;2/6/95, Vol. 25 Issue 6, p6 

    Reports on ratings on municipal healthcare bond ratings. Ratings by Standard & Poor's Corp.; Ratings from Moody's Investors Service of New York; Downgraded facilities as single-site hospitals in competitive markets that have been unable to keep up with the rapid pace of change.

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sign out of this library

Other Topics