Mayor Confident, Moody's Not Over City's Credit Rating

By Dave Greber
By Conor Mooney

January 31, 2013 Updated Feb 1, 2013 at 10:58 AM EDT

Binghamton, NY (WBNG Binghamton) Mayor Matthew Ryan responds again to a potential downgrade of the city's credit rating, which could cost taxpayers more the next time city council borrows money.

Moody's Investors Service released its analysis Wednesday.

They said a review to drop the city from an A1 rating to an A2 rating is the result of the city's ongoing weakness in its business base.

That financial statements were consistently late.

That it's experienced a significant decline in wealth indices and that the city carries significant debt.

Ryan says he spoke with the agency Thursday morning and the reason the city was late in submitting financial statements was a recent state audit.

He also says he's not worried about the city's credit.

"We are well on track to have that financial report to them by the end of march, they said today that they were very accepting in our explanation in why it was late," said Ryan.

Representatives from Moody's said today they stand by their report.

They also said, even with the city's financial statements in hand, there's no guarantee the city will maintain its A1 rating considering there are four other factors at stake.