Moody's Downgrades Orange County's Bond Rating
Moody’s has downgraded the bond rating of a Hudson Valley county.
Moody’s Investors Service Friday downgraded Orange County’s bond rating two notches - to Aa2 from Aaa, citing an ongoing multi-year trend of operating deficits and declines in reserve levels, in combination with recent declines in property values. Orange County Executive Steve Neuhaus says the downgrade confirms what Moody’s warned in the past. He says the county’s finances have deteriorated, and will continue to decline without remedial action. Neuhaus delivers his state-of-the–county address March 18, during which he says he will give the county legislature the opportunity to ensure a multi-year balanced budget and advance job creation. The rating affects $268.5 million in outstanding debt.