Binghamton’s Credit Rating Lowered
According to a release from Moody’s Investor’s Service the City of Binghamton’s credit rating has been downgraded from A1 to A2.
Moody’s says that the downgrade “reflects the city’s ongoing weakness in its enterprise, consistently late financial statements, significant decline in wealth indices, and high debt burden.”
The downgrade will make it more difficult for the city to borrow money, and when funds can be secured, interest rates will be higher.
The statement from Moody’s says the rating is currently under review because they cannot verify the city’s financial performance over the past two years. A complete audit of the city’s financial state is expected to be completed by the end of March.
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