CLARKSTOWN, N.Y. -- A prominent credit-rating agency, Moody's Investors Servies, has downgraded the town's bond rating for the second time in six months, according to a report in Lohud.com.
Last week, Moody's dropped the town's credit rating one notch from Aa2 to Aa3, pointing to concerns over its available fund balance, said Lohud.com.
Although the town is still considered investment grade, it has been trending downward. Incoming Supervisor George Hoehmann said that two different rating services are concerned that the city is overspending and hitting the reserves, reported Lohud.com.
Hoehmann, who takes office Jan. 1, said he plans a top-to-bottom review of every department to find money-saving options, Lohud.com said.
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