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Home   >   News   >   Local News   >   Ferneau, Davidson, City Staff Plead Bond-Rating Case at Moody’s

Ferneau, Davidson, City Staff Plead Bond-Rating Case at Moody’s

By on March 8, 2013
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A NUMBER OF BURLINGTON OFFICIALS ARE AT MOODY’S BOND RATING SERVICE IN CHICAGO TODAY(FRI), TRYING TO CONVINCE THE COMPANY THAT THE CITY’S NEW FINANCIAL PATH WARRANTS MAINTAINING ITS CURRENT (BOND) RATING.

CITY MANAGER JIM FERNEAU SAYS THE PROCESS IS ONGOING, BUT BURLINGTON IS MAKING PROGRESS TOWARD A BIGGER RESERVE FUND.   

THE CITY WAS GIVEN A “NEGATIVE WATCH” LAST YEAR AND FERNEAU SAYS IT’S GOING TO TAKE TIME TO REBOUND FROM THE FINANCIAL STATUS THAT RATING IMPLIES…..

THE CITY MANAGER SAYS HE’S NOT EXPECTING MOODY’S TO MAKE A DECISION ON BURLINGTON’S RATING FOR A FEW WEEKS.  A DOWNGRADE WOULD LIKELY TRANSLATE TO HIGHER INTEREST RATES ON BORROWING.