Moody s Dropped Five N.Y. Counties and Gave Seven Negative Outlooks This Year

McDonald, Michael
November 2004
Bond Buyer;11/3/2004, Vol. 350 Issue 32003, p7
Trade Publication
The article presents information on the negative outlooks given by Moody's Investors Services. Moody's Investors Service downgraded five of New York's 62 counties in the last 12 months namely Chemung, Dutchess, Erie, Genesee and Monroe. The agency said in its annual review of New York counties that it upgraded two counties, Essex and Nassau in the last year and put one under review for an upgrade. While the state enacted reforms this summer to reduce pension costs and cover some Medicaid costs, it also eliminated a revenue sharing program and included other items in the state budget that hurt county finances.


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