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Moody's cuts Suffolk County, N.Y.'s GO rating to A2
May 30, 2013 / 6:38 PM / 4 years ago

Moody's cuts Suffolk County, N.Y.'s GO rating to A2

May 30 (Reuters) - Moody’s Investors Service on Thursday cut Suffolk County, N.Y.’s general obligation rating to A2 from A1, affecting $1.4 billion of outstanding debt. The rating outlook remains negative.

Moody’s cited Suffolk’s failure to meet projected fiscal 2012 year-end estimates and its use of non-recurring revenue adjustments to balance the fiscal 2013 budget as the reasons for the downgrade.

The rating could be lowered again if the county fails to meet projections in fiscal 2013 and eliminate accumulated deficits in fiscal 2014, Moody’s said.

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