Politics & Government
Mayor: Moody's Update Coming, Re-Rating Unlikely For Now
Mayor James Maley spoke about the borough's bond rating during Monday's commission meeting.
Credit rating firm Moody's is drawing closer to a self-imposed 90-day deadline to consider a review Collingswood's bond rating, following a sharp downgrade earlier this year that angered town leaders.
Collingswood Mayor James Maley discussed updates Monday evening regarding the borough's and its attempt to raise a six-point credit downgrade by Moody's. After the Moody's decision, Collingswood issued the agency a report in an effort to having the rating reevaluated.
"Moody's gave themselves 90 days to review that report," said Maley Monday night. "We've also met with them for what was a productive meeting.
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"I'm expecting something is coming out from (Moody's) in the next day or so. I don't expect that they'll re-rate us just yet, but they'll definitely have something coming out."
According to Maley, submitting a report for Moody's review was step one in a process to resolve issues caused by the downgrade.
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"The day this downgrade went public, Moody's was wrong; they ," said Maley. "And I believe you'll be seeing a recognition of that."
Maley said he couldn't comment further on the bond rating.
"I really can't say more than that, because I've been cautioned by bond counsel that things I say may have implications," he said.
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