WHITE PLAINS, N.Y. – White Plains’ Aa1 credit rating has been re-affirmed and its financial outlook has been upgraded from negative to stable by Moody’s Investors Service, the city announced Monday.
An Aa1 rating is the second highest rating a municipality can achieve, below a triple-A. The city received a negative outlook in December 2009. Since that time, the city said it has restored its fund balance reserve levels, produced balanced budgets and reduced its workforce to shore up its financial position, resulting in the revision to a stable outlook.
“Since 2010 the City has gone through a lot of pain but has worked diligently to right the ship,” Mayor Thomas Roach said. “I am pleased that these efforts have been recognized by Moody's and would like to acknowledge my Council colleagues for their steadfastness as well as the City's finance and budget team. This continues to be an ongoing process for us and we will continue to work together to improve the City's financial position while providing the high level of service that our residents have come to expect and that makes White Plains a great place to live, work and visit."
The White Plains Common Council will vote to adopt its $171.8 million proposed budget May 20.
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