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NY Schenectady credit cut 2 notches by Moody's
September 26, 2012 / 5:26 PM / 5 years ago

NY Schenectady credit cut 2 notches by Moody's

Sept 26 (Reuters) - New York’s Schenectady’s credit rating on Wednesday was cut two notches to A3 by Moody’s Investors Service, which cited the upstate city’s declining finances.

The city, located about 165 miles north of New York City, is struggling with delinquent property taxes and rising costs for employee benefits. Moody’s also revised its outlook to negative.

“The negative outlook reflects the expectation that the city’s financial pressures will continue to increase and further narrow the city’s financial position in the near term,” the credit agency said.

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