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Troy Bond Rating Revised, Outlook Changed to Stable by Moody’s Investors Service



Mayor Patrick Madden announced the City of Troy’s bond credit rating has been affirmed as ‘A2’ with a revised outlook from negative to stable by Moody’s Investors Service. The City of Troy’s two previous bond ratings had a negative outlook. The recently released report notes “the stable rating outlook reflects city management’s recent steps to build structurally balanced budgets as well as recent stabilization in the tax base.”

Mayor Madden issued the following statement regarding the revised issuer rating: “The removal of the negative outlook from the city’s bond rating by Moody’s affirms my administration’s ongoing efforts to restore Troy’s financial standing, critically important to continuing the economic growth, investment and revitalization occurring across our city. The goal of removing the negative outlook was a top priority, and today’s announcement represents another positive step in the right direction toward getting Troy’s fiscal house in order and demonstrates the continued progression of improvement to the condition of our city’s finances. We will continue to make the difficult decisions to strengthen the city’s financial foundation and set us on a path toward future prosperity for all Trojans.”

According to Moody’s, “the fiscal 2017 budget demonstrates a willingness to balance operations without recourse to the city’s already narrow reserves and strong fiscal management that relies on recurring revenues and trend-based expenditure estimates.” The stable outlook of the city’s bond rating is reflective of the administration’s efforts to grow city reserves, factbased budgeting, and effective management of city debt. Moody’s cautions that several factors could lead to a downgrade, including further declines in available Operating Fund balance, and a return to structurally imbalanced budgets.

The Louis and Hortense Rubin Community Fellows Program is pleased to announce the projects that have been selected to receive grant funding for 2018-2019. Funding supports non-profit organizations and government agencies in Rensselaer County. The projects include: Children’s Museum of Science & Technology, $13,106 - CMOST will develop a…
TimesUnion.com A video game company led by Rensselaer Polytechnic Institute students was named a finalist in the college game competition at the Electronic Entertainment Expo, or E3, in Los Angeles last week. Unfortunately, the game, IO Interloper by the RPI spin-off Dang! did not emerge the winner, losing out to a team from Bringham Young…
First New York Federal Credit Union is proud to announce and welcome Thomas Phillips as the company’s new Vice President of Lending. Thomas began his career with HSBC Bank, and through mergers, also worked at First Niagara and Keybank. At KeyBank, he was the VP/Area Retail Leader, where he directed sales, service and financial operations spanning…
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