Binghamton, NY (WBNG Binghamton) It may soon become more difficult for the city of Binghamton to borrow money because it failed to file financial statements on time.
As a result, the city's credit rating took a hit today, meaning officials will experience higher interest rates, and borrowing money will cost taxpayers more.
In a release from the credit agency, Moody's Investors Service, the downgraded rating reflects the city's ongoing weakness in its business base, consistently late financial statements, significant decline in wealth indices and high debt.
Binghamton Mayor Matt Ryan says he's not sure why this happened, and that Moody's announcement today came as a surprise.
"This year I don't know what happened, but all of a sudden we get a call saying you have two hours to respond to this report we wrote," Ryan said. "I know they've been in communication with my comptroller in the last week or so, but we never had the opportunity to sit down."
Added Ryan: "Binghamton's finances are heading in the right direction."