Thursday, May 31, 2012
The rating is 10 on the investor service scale of 21. With that position secured, Mayor James Maley says, the borough will close its deal with Ingerman builders Monday.
Moody's Investor Service has restored Collingswood bond ratings to investment-grade status, the borough reports, a move that will help with the next phase of the LumberYard construction project. Although an official announcement from Moody's was unavailable at press time, Kyle Fitzpatrick, a client service representative for the agency, confirmed that the ratings upgrade would be published to the company website by the end of the day. "I’m happy that they did it, but it’s important to note that we haven’t changed one thing from what we announced we were doing last August, when this happened," Collingswood Mayor James Maley told Patch. "All we did was follow through on our plan, and in that time period, Moody’s changed their conclusion," he…
Thursday, March 8, 2012
Moody's ups the outlook for the borough credit rating, but Collingswood isn't out of the woods yet.
Collinsgwood received a glimmer of hope from Moody’s this week on the borough’s bond credit rating. While the agency maintained Collingswood’s Ba1 (junk status) rating, Moody’s also upgraded its appraisal of the outlook for the borough to "uncertain"—a moderate step up from its prior "negative" rating. Bad credit ratings usually make it more difficult and more expensive to borrow money. Moody’s hit Collingswood with a massive rating downgrade in September 2011 and maintained that rating after a review in November despite protests from borough officials. The Moody’s rating is chiefly concerned with $28 million in outstanding long-term, general obligation debt. The service upgraded Collingswood after it inked a settlement agreement to …
Tuesday, February 7, 2012
Collingswood is still on the hook for nearly $5 million in loans, but will retain ownership of 13 unsold condos while getting a chance to salvage its credit rating under terms of the deal.
The borough will move forward with a refinancing settlement to secure its ownership of 13 unsold units at the LumberYard Condominums site while repaying nearly $5 million in outstanding construction loans. Borough commissioners on Monday authorized Mayor James Maley to sign off on an agreement with TCIC, a subsidiary of the New Jersey Bankers Association, that would repay $4.5 million—half the $8.5 million remaining on the $18 million original loan to Lumberyard Redevelopment, LLC. Collingswood intends to raise the money through the sale of municipal bonds. Maley pointed out that although Collingswood is not a partner in the limited-liability company that funded the project, it is still a guarantor on the loan note. Without establishing …
39.91579
-75.07029
Collingswood Community Center
30 W Collings Ave, Collingswood, NJ
/articles/borough-to-proceed-with-4-5m-lumberyard-refinancing
1849384
/locations/6542984
Tuesday, November 15, 2011
After Moody’s reviewed Collingswood’s concerns about a 6-point credit rating drop issued in September, the investor’s service chose not to re-rate the borough.
The report Collingswood issued to Moody’s Investor’s Service—to refute a 6-point drop in Collingswood’s credit rating issued in September—failed to persuade. On Monday, the investor’s service issued a follow-up report and detailed their decision not to re-rate the borough, despite Collingswood’s claims. “Moody’s Investors Service has maintained Collingswood Borough’s Ba1 GO rating and its status as under review for possible downgrade,” Moody’s said. “The action affects approximately $28 million in outstanding rated debt, secured by the borough’s general obligation unlimited tax pledge. The rating was downgraded to Ba1 from A1, and placed under review for possible downgrade on September 12, 2011.” Borough debt, cited Moody’s, was generated …
39.91651
-75.06981
Collingswood Borough Hall
678 Haddon Ave, Collingswood, NJ
/articles/moody-s-says-no-to-re-rating-borough
1802216
/locations/5829120
Tuesday, November 8, 2011
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 bond rating and its attempt to raise a six-point credit downgrade issued 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. "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…
39.91651
-75.06981
Collingswood Borough Hall
678 Haddon Ave, Collingswood, NJ
/articles/mayor-discusses-moody-s-updates
1802216
/locations/5767496
Tuesday, October 4, 2011
During Monday’s commission meeting, a second reading and public hearing were held to authorize funding to purchase and lease remaining LumberYard Condominium units.
Commissioners authorized funding of $5,992,246 Monday night, to purchase and lease-out the remaining LumberYard Condominium units. “Since we introduced this ordinance (last month), we received a downgrade by Moody’s,” said Mayor James Maley during Monday’s second reading and public hearing of the ordinance. “Moody’s said we wouldn’t be able to accomplish the extension of our (Oct. 7 LumberYard) construction loan, and we did get it extended, by 60 days. "They said we wouldn’t be able to roll over our (bond) notes, and we have, at a 3.25 percent interest rate. It’s almost as if everyone in the marketplace doesn’t believe Moody’s got it right.” According to Maley, since it was made public, the borough has been fighting to have Moody’s 6-point…
Wednesday, September 28, 2011
Collingswood Mayor James Maley said the borough's made no progress in obtaining loans to purchase and rent LumberYard condos, nor has it gotten its credit downgrade altered.
Collingswood recently came under fire when Moody's Investor's Service issued it a six-point credit downgrade, and met further adversity over debt generated by the LumberYard Condominium project. To counteract, the borough submitted data to Moody's to try and get its credit rank raised. To offset debt, Collingswood announced it will seek a loan to purchase remaining, unsold LumberYard units. These units will be leased to tenants, offering renters lease-purchase agreements. But as of this Tuesday, Sept. 27, Collingswood Mayor James Maley said no progress has been made in either instance. "There are no more specifics to report," said Maley, when asked if the credit rank was raised, or whether the borough secured a loan for the purchase of …
39.91651
-75.06981
Collingswood Borough Hall
678 Haddon Ave, Collingswood, NJ
/articles/update-no-progress-in-lumber-yardmoodys-affair
1802216
/locations/5478192
Thursday, September 15, 2011
Wednesday's town forum meeting mainly featured questions about Collingswood's recent credit downgrade, generated by debt from the LumberYard project.
Discussion at Wednesday's town forum meeting revolved mainly around Collingswood's credit downgrade, which Moody's dropped to junk status this week, and the LumberYard debt. Collingswood Mayor James Maley opened the meeting, attended by about 90 people, by stating the following: "We have two of these town forums a year, and the agenda is set completely by you (the public)," said Maley. "But before we begin taking questions, let me start be addressing the news of the day—the Moody's downgrade. "We knew that Moody's was reviewing us; they do it every few years. This year, they were more detailed in the questions they asked," said Maley. "We presumed that was because things had happened in the world and agencies like theirs were being …
Wednesday, September 14, 2011
Mayor James Maley said Tuesday that a credit downgrade report of Collingswood focused on next month's LumberYard Condominium loan deadline, but failed to include information about extension plans.
According to Collingswood Mayor James Maley, Moody’s Investors Service’s credit downgrade report—which brought the borough from A1 status in 2010 to its current Ba1 status—lacked information about when an $8.5 million debt, generated by a LumberYard Condominium construction loan extension, must be repaid. According to the Moody’s report, recession effects led the borough to extend a loan on the condominium complex, bringing the extended loan repayment deadline to October 7, 2011. While borough commissioners confirmed the debt amount and extension deadline at this month’s meeting, Maley said the borough’s plan to pay off its loan—by purchasing the remainder of vacant condos and renting them out—includes details that were not mentioned by …
Bentley
9:37 am on Friday, March 9, 2012
FYI: Last month three units were sold but there was no money to finish out the units and the sales had to be cancelled. Can't sell an unfinished unit and you can't finish units if there is no money. Showings had to be put on hold becase there was no guaranteed date of when the units would be finished and avalable. Price is not the issue. more ›