TITLE

Moody's Places Cicero, N.Y., and Its LDC on Watch for Downgrade

AUTHOR(S)
McDonald, Michael
PUB. DATE
September 2003
SOURCE
Bond Buyer;9/2/2003, Vol. 345 Issue 31710, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Reports on the decision of international rating agency Moody's Investor Service Inc. to observe Cicero Local Development Corp. (CLDC) and the general obligation rating of Cicero, New York for a potential downgrade. Effect of this rating action on revenue bonds sold by CLDC to finance a town development project; Failure of the town to appropriate lease payments to CDLC despite a lease agreement covering the debt service cost; Interest payments by CDLC from debt service reserves.
ACCESSION #
10740364

 

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