Friday, 07 February 2014 12:18
Moody’s Downgrades County Bond Rating
NEW YORK – Moody’s Investors Service announced on Monday, February 3 that it had downgraded Saratoga County’s bond rating. The county’s credit rating slipped one level from Aa1 to Aa2 – Moody’s third highest rating. Moody’s also assigned the county’s debt a negative outlook, meaning it could further lower its credit rating in 12 to 24 months. The change reflected Saratoga County’s diminishing surplus funds due to years of subsidizing operating deficits at its Maplewood Manor nursing home, Moody’s said. “The decrease in general fund reserves has been primarily driven by aggressively budgeted revenue assumptions and expenditure pressures associated with Maplewood,” the report said.