TITLE

Moody's Downgrades Newark, N.J., to Baa2

AUTHOR(S)
Cataldo, Adam L.
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/24/2005, Vol. 351 Issue 32055, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article presents information related to downgrading of Newark, New Jersey's debt by Moody's Investors Service Inc. Moody's on Thursday downgraded Newark, New Jersey's debt to Baa2 from Baa1 and changed the city's outlook to stable from negative. The downgrade affects about $370 million of outstanding debt. Moody's said the downgrade was due to reduced reserves, a structural budget imbalance at the city's water and sewer utility, and the sale of $40 million of notes for cash flow purposes. Moody's said the utility finished fiscal 2004 with an accumulated deficit of $9 million.
ACCESSION #
15796043

 

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