Moody's Lowers Ithaca, N.Y., Ahead of Sale

McDonald, Michael
January 2005
Bond Buyer;1/5/2005, Vol. 351 Issue 32043, p6
Trade Publication
The article reports that Moody's Investors Service yesterday downgraded Ithaca, New York, to Al from Aa3 ahead of the city's sale of $21.2 million of bond anticipation notes. The downgrade affected $32 million of long-term outstanding debt. Moody's also assigned a negative outlook to the long-term debt and assigned a MIG I rating to the upcoming Ban sale, scheduled for next Friday. The downgrade to A1 from Aa3 reflects the city's above-average debt burden, which increased considerably over the last five years despite significant tax base growth.


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