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Credit downgrade makes for pricey Collingswood bailout
The borough of Collingswood is betting a renter’s market will get it out of a hole dug by the flailing LumberYard condominiums project.
Borough officials — including Mayor James Maley — lobbied Moody’s analysts Sept. 30 in Collingswood to revisit the six-notch super-downgrade the borough received Sept. 12. Moody’s is the only ratings agency that monitors the borough’s finances. The downgrade to junk made more expensive the town’s plan to purchase 14 empty condominiums and put them on the market for rent.
Information exchanged in such meetings with analysts is confidential and Moody’s would not comment. Maley would only describe last month’s conversations as “productive.” (Roh, Gannett)
