Colonie shed its bond rating featuring a negative outlook, according to information from Moody’s Investor Services.
Colonie officials said Moody’s briefly gave Colonie an A1 rating with a negative outlook, but returned it to Baa1, without a negative outlook, due to the financial challenges such as decreased sales and mortgage tax revenue.
`Removal of the negative outlook reflects our expectation that the town’s management team may build on two consecutive years of favorable operational and budgetary results,` according to information from Moody’s provided by the town. Colonie `will remain challenged,` though.
The Spotlight is working toward obtaining the report.
Moody’s knocked Colonie down twice in 2007, and Colonie Town Supervisor Paula Mahan said the Baa1 rating with a negative outlook is something she has worked hard to improve upon during her administration.
`We are pleased that we have succeeded in our primary goal of having the negative outlook we inherited removed from the Town’s bond rating,` said Supervisor Mahan. “