Friday, July 29, 2011
Federal Debt Crisis Triggers Westport Rating Review
Westport and its Aaa bond rating as well as those of 162 local governments in 31 states have been placed on review for possible downgrade because of the U.S. debt crisis, Moody’s Investor Service announced.
“These actions relate to Moody’s July 13 decision to place the Aaa government bond rating of the United States under review for downgrade, and reflect the rating agency’s assessment that some Aaa public finance ratings would likely be indirectly affected” by a deterioration of the U.S. debt situation, a news release Thursday said.
Moody’s said in the event that the U.S. government Aaa rating is downgraded, it will determine the outcome of each review by evaluating the strength of the affected community and, among other factors, its reliance on federal spending.
Westport has had a Aaa rating for years and Moody’s reaffirmed it at the time of its most recent bond issue last November (see WestportNow Nov. 1, 2010).
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Note: WestportNow Publisher Gordon F. Joseloff is also First Selectman of Westport