Moody’s credit rating agency said today it put Westport’s Aaa rating on “negative outlook,“one of 162 local governments across the country receiving notification of a revision from “stable.”
At the same time, Moody’s said it confirmed Westport’s top rating for the moment but added that it was subject to review following the rating service’s decision on Tuesday to put the debt of the U.S. government on “negative outlook.”
Among nearby communities receiving similar notifications were Weston, Wilton, Norwalk, Fairfield, Darien, New Canaan, and Greenwich.
Moody’s said it will evaluate the outlook for each government entity on a case by case basis in the coming weeks to determine its vulnerability to federal spending reductions as well as its level of financial reserves.
“If we determine that you possess characteristics that make you not vulnerable to a U.S. government downgrade, your outlook will be moved back to stable,” said a Moody’s official in an e-mail to the communities. “Otherwise it will remain negative.”
