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

McDonald, Michael
September 2003
Bond Buyer;9/2/2003, Vol. 345 Issue 31710, p3
Trade Publication
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.


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