NEWBURGH – For the second time in two years, Moody’s Investor Service has upgraded Newburgh’ bond rating meaning the agency is pleased with the improved financial condition of the city.
Mayor Judy Kennedy said Newburgh has come a long way from its financial crisis of two years ago.
“In September 2009, we were a week-and-a-half from bankruptcy,” Kennedy told the city council Monday night. “We could not pay our bills and it has been a long, slow climb and it is now about into the sixth year of climbing out of that hole. It’s steady and moving in the right direction so when you hear us talking about being careful about the money we spend and being very conscious about our fiscal responsibilities, that’s really part of it because we really don’t want to find ourselves in that spot again.”
City Comptroller John Aber said Moody’s upgraded Newburgh’s bond rating from a Baa3 to Baa2. Two years ago, the rating company downgraded the city from Aa1 to Baa3.
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