Binghamton, NY (WBNG Binghamton) The city of Binghamton is looking to bounce back from a recent credit downgrade.
In January, Moody's Investors Services downgraded the city from A1 to A2, saying financial statements were consistently late, the city showed declining wealth and that it carried significant debt.
The city blamed the late statements on an audit being performed at the time.
But now a reversal may be in order.
Moody's has now upgraded the city's short term debt rating and revised the outlook to "stable."
Although its long term debt rating remains at A2, Moody's revised its outlook after finding consecutive surpluses now projected in the city's general fund. City officials said Monday they have $10 million projected in their reserve fund.
City leaders are confident it will be upgraded once the 2011 audit is completed in the coming weeks.