Utica’s Bond Rating Downgraded Once Again By Moody’s
The City of Utica’s bond rating has been downgraded by Moody’s Investor Service from Baa1 to Baa2, with a negative outlook. With more than $47 million in outstanding rated debt, the city is characterized as “struggling” by financial advisors.
The rating was released on February 22, 2013 and comes on the heels of a BBB+ rating by Standard & Poor’s, also with a negative outlook, released on January 11, 2013. Of note is a statement made in that Standard & Poor’s report which reads, “If Utica continues to draw down on already weakened reserves, we will likely lower the rating.”