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Moody’s downgrades N.J. cities’ bond ratings
A new shot of $139 million of state aid will keep New Jersey’s cities afloat for another year, but a bond rating agency said in statements last week that finances for the cities remain suspect.
Moody’s Investor’s Service, one of the nation’s top three ratings firms, downgraded $18.4 million in bonds for Passaic City by one notch, from A2 to A1.
Moody’s said Passaic was working with smaller reserve amounts of cash and was being forced to transfer money to its sewer utility. (Method, Gannett)
