Writing on his own blog, New Rochelle Mayor Noam Bramson expressed his disappointment over the downgrade of the city’s debt by Moody’s Investor Services, announced earlier today.
City’s Bond Rating Slips a Notch
Lousy News Is Unsurprising Sign of the TimesDECEMBER 1, 2010
Budget & Finance
The persistent weak economy and its impact on our finances has led Moody’s Investor Services to downgrade New Rochelle’s bond rating. Many other municipalities are being similarly reevaluated. Fortunately, our new bond rating of Aa3 is still quite good and defined as “of high quality and subject to very low credit risk,” so the City’s access to and cost of capital should be only minimally affected. Nonetheless, I won’t conceal my disappointment, particularly since this news comes only a few years after we celebrated an upgrade in our bond rating. It is an unfortunate sign of the times — lousy, but unsurprising.
Leaders
We got a downgrade in our bond rating, what we need is an upgrade in our politicians.
Someone that could show leadership, not bow down to these pesky unions.
Someone with a strong backbone and a firm handshake.
Not a speech writer, a person who is willing to get down and dirty and do what is needed to help our city.
Clean house and get rid of the North End cabal