NBC15 WMTV | Madison, WI | News

Moody's Downgrades Milwaukee's Bond Rating

Posted Tuesday, April 17, 2012 --- 6:55 a.m.

MILWAUKEE (AP) -- Moody's Investors Service has slightly downgraded Milwaukee's bond rating because of concerns about the city's poverty rate.

Deputy Comptroller Mike Daun said Monday the ratings agency dropped the city from Aa1, with a negative outlook, to Aa2, with a stable outlook.

Daun says that matches the city's AA rating, with a stable outlook, from Standard & Poor's, which did not change its rating.

As a result, Daun says the Moody's downgrade is not expected to have any significant effect on the interest rates the city pays on its bonds.

The Milwaukee Journal Sentinel (http://bit.ly/Jr14RK) reports Moody's gave positive marks to the city's fiscal management, noting the strength of its reserves, but expressed concern about the outlook for the property tax base and about cuts in state aid.

------

Information from: Milwaukee Journal Sentinel, http://www.jsonline.com

Copyright 2012. The Associated Press.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
NBC15 615 Forward Drive Madison, Wisconsin 53711 Business: 608-274-1515 Newsroom: 608-274-1500
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 147723395 - nbc15.com/a?a=147723395