NEWBURGH – Moody’s Investor Services has given the City of Newburgh’s bond rating a stable outlook with a Baa2, which is believed to increase over the next few years.
Moody’s assessment indicates the local economy is stabilizing after several years of declines because of increased redevelopment and overall economic growth. Over the last two years, the city’s tax base has grown from a low of $871 million in 2017 to $907 million in 2019.
The agency said the city has been proactive in returning mismanaged properties back to the tax roll; and the development of the downtown corridors with new restaurants and businesses opening all contributing to a positive outlook.
Moody’s assessment said the city is expected to maintain a stable financial position over the next several years, due in part to state oversight and new management.