TITLE

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

AUTHOR(S)
McDonald, Michael
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/5/2005, Vol. 351 Issue 32043, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
15558915

 

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