Niagara Falls Reporter
Home | Archive / Search


JULY 07 - JULY 15, 2015

Moody's Downgrades Lewiston, NY's GOLT to A1; Outlook Negative

JULY 7, 2015


Moody's Investors Service has downgraded to A1 from Aa3 on the town of Lewiston's, (NY) outstanding general obligation limited tax bonds, affecting approximately $14.8 million of outstanding debt.

“The outlook is negative,” Moody wrote in a recent report.

Concurrently, Moody's has assigned an A1 rating to the town's $6.195 million Public Improvement Refunding (Serial) Bonds, 2015.

“The downgrade to A1 reflects the town's weakened financial position following several years of fund balance draws that are expected to continue through fiscal 2015; significant reliance on economically sensitive revenues; moderately-sized tax base; manageable debt and moderate pension burden.”

Town formerly had an AA3 which is a single notch above A1.

A1 is highest level within its grouping and the next level up is the AA3.

The town of Lewiston has a population of 16,262. The Town provides police protection, street maintenance, parks and recreation, water, sewer and general government support.

For the 2014 fiscal year, budgeted appropriations totaled approximately $17.4 million. Expenditures are funded primarily by property taxes, sales tax, State aid and user fees.

The bonds are secured by the town's general obligation pledge as limited by the Property Tax Cap-Legislation of the Laws of the State of New York, 2011.

The purpose of the Moody rating is to help investors decide if they want to lend the improvident people of Lewiston who continue to elect politicians who spend more money than they take in on a raft of things and hence must borrow and be in debt.

The town is in debt.

And the whole purpose of the Moody rating is that the town wants to borrow and offer new bonds to pay off old bonds going back to 2006 and 2008 at hopefully a lower interest rate.

The town officials think the anticipated savings will be approximately $316,000 or 5.6% over the life of the bonds.

Many investors rely on Moody credit ratings to decide whether to lend and at what rate of interest they will lend at; the higher the credit rating the lower the interest rates is a general rule of thumb.





Grandinetti Tells Falls' Residents on Facebook, If You Don't Like it Here "Move, You Are Not a Tree"
Accardo to State Comptroller: City is Rapidly Approaching Insolvency, Request State Audit, Will Hold Press Conference
Accardo Call for Truth-in-Budgeting From Falls Mayor
Says Cataract City is on the verge of insolvency
Walker Forgot a Few Details in Recent Interview About His Unpaid Property Taxes
Skrlin Hoists Sign Focused on "Missing Money" Mentioned in City Audit by State Comptroller
Poor Planning or Vandalism at Root of Destruction of Wallenda Monument at State Park?
Is Skrlin's Canvas a Sign or Master Artwork
Council Candidate Smith Will Answer Tough Questions
Early Morning Fog Befuddles Dyster’s
Grasp of Railroad Station Time, Budget
Sweet of Brooke to be Dyster’s Campaign Photographer

Blame Game Over Moody Downgrade Rising
Moody Downgrades Lewiston - But Who's Fault Is It?
Ceretto: 2015 Legislative Session,
Making State Govt Work For You Again
Games People Play
Taxpayers Can’t See Clearly Now, or Ever,
As Dyster Defies Transparency
Scott Runs in Crowded Race; Could Tip the Majority on City Council to School Teachers
Reporter Asks Scott for More Than Platitudes
Scott Seeks to Connect with City Voters Through Modern Methods
DiPaolo’s, Lombardo’s to Mark Anniversaries at Italian Festival
Many Await Results of State Audit of ECC
Only in NT: Oliver Street Transformation
Stagnant in North Tonawanda
Niagara Falls 5K Experience Back on Top Council Chair Lights Up Downtown Course
Affirmative Action, Free Housing, Free Lunch, Free Everything, Yes, We Have No More to Give
Sabres, Bills Getting Plenty of Hype From Local Media
Series to Chronicle Life of FBI Special Agent J. Gary DiLaura
Shame on You
Skrlin Flies Confederate Flag in honor/defiance of Obama
Letters to the Editor
City Hall Jokes
Deer spotted in back yard near Pine Ave.

Contact Info

©2014 The Niagara Falls Reporter Inc.
POB 3083, Niagara Falls, N.Y. 14304
Phone: (716) 284-5595

Publisher and Editor in Chief: Frank Parlato
Managing Editor: Dr. Chitra Selvaraj
Senior Editor: Tony Farina