{"id":2008025,"date":"2023-08-22T12:04:01","date_gmt":"2023-08-22T16:04:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/middletown-maintains-top-tier-credit-ratings-with-moodys\/"},"modified":"2023-08-22T12:09:38","modified_gmt":"2023-08-22T16:09:38","slug":"middletown-maintains-top-tier-credit-ratings-with-moodys","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/middletown-maintains-top-tier-credit-ratings-with-moodys\/","title":{"rendered":"Middletown maintains high credit ratings with Moody&#8217;s."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmiddletown-maintains-top-tier-credit-ratings-with-moodys%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2008025&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Moody\u2019s \u2062Investor\u2062 Service Renews Top-Tier Credit Ratings for \u2064Middletown<\/h2>\n<p>In early August, Moody\u2019s Investor Service \u2062renewed the top-tier \u200bcredit ratings for \u2062the City of Middletown,\u2063 highlighting strong economic growth \u2063and a\u200d healthy \u200dfund balance. This is great news for\u200c the city and its residents.<\/p>\n<p>The city\u2019s short-term debt received the highest rating of MIG 1,\u2064 while its long-term borrowing retained the A1 rating, which is a middle grade within the highest-ranking tier. \u2062These ratings reflect the city&#8217;s responsible financial \u2062management.<\/p>\n<blockquote>\n<p>\u201cNot only did\u200d we maintain our A1 ratings, but there were also many positive comments in the report\u2064 regarding \u2063the city operations, \u2064including\u200c the spending that we\u2019ve been closely\u200d scrutinized over the years,\u201d said Mayor \u200cJoseph DeStefano at the latest city council meeting.<\/p>\n<\/blockquote>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/us\/orange-county-ida-approves-phase-two-incentive-for-royal-wine-5477451\">Orange \u200cCounty IDA Approves Phase-Two Incentive\u2063 for Royal Wine<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/21\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/us\/orange-county-ida-approves-phase-two-incentive-for-royal-wine-5477451\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/tech\/new-digital-platform-gan-jing-world-receives-accolades-from-content-creators-5474213\">New Digital\u200d Platform Gan Jing World Receives Accolades From Content Creators<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/18\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/tech\/new-digital-platform-gan-jing-world-receives-accolades-from-content-creators-5474213\"><\/a><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p>These \u200cstrong \u2063ratings make Middletown&#8217;s bonds more attractive to bidders and result in modest interest savings, according to City\u200c Treasurer Leonora \u2063Liz.<\/p>\n<p>Moody\u2019s report attributes the city\u2019s\u2064 healthy fund \u200dbalance\u2062 to its strong budgeting practices. Currently, Middletown has\u2062 a\u200b fund balance of nearly $11 million, \u2062which\u2064 serves \u200bas a rainy-day account for unspent revenue accumulated over the years.<\/p>\n<p>The report \u200calso highlights the city&#8217;s ongoing development in commercial, residential, and\u200b educational institutions. Projects \u2062such\u200d as new water and \u200dsewer lines along Route\u2064 17 \u2064and a future downtown trail linking three urban\u200c colleges demonstrate the \u200ccity&#8217;s commitment to growth.<\/p>\n<p>The three colleges\u2014Orange County Community College, Touro College of Osteopathic Medicine, \u2062and Fei\u200b Tian College\u2014form an education triangle that encloses \u2063downtown, fostering a vibrant learning environment.<\/p>\n<p>While the report is positive overall, \u2064it also identifies \u2062areas \u200bfor improvement that could further\u2062 enhance the city\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/moodys-slashes-credit-ratings-of-regional-banks-sees-recession-in-2024\/\" title=\"Moody's downgrades regional banks, predicts 2024 recession.\">credit\u2063 ratings<\/a>. These include relatively \u200blow resident income\u200b and high levels of \u2062employee benefits and \u200dpension obligations.<\/p>\n<p>Middletown&#8217;s poverty rate in 2021 was 17 percent, which is four points higher than the state and national averages. Additionally, \u200dthe city&#8217;s market value of taxable properties \u2064per capita falls\u200c below the national \u200baverage.<\/p>\n<p>City Treasurer Leonora Liz has \u2063been <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/middletown-maintains-top-tier-credit-ratings-with-moodys\/\" title=\"Middletown maintains high credit ratings with Moody's.\">actively seeking alternative employee \u200chealth insurance providers<\/a>\u2064 to \u200dreduce costs. Employee pensions and benefits, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/5-times-the-left-refused-to-take-voters-no-for-an-answer-and-won\/\" title=\"5 Times The Left Refused To Take Voters\u2019 No For An Answer \u2014 And Won\">including health insurance<\/a>, account for a significant portion of the city&#8217;s obligations and can \u200cfluctuate with market \u2063conditions and the number \u2064of\u2064 retirees.<\/p>\n<p>Despite these challenges, Middletown&#8217;s debt remains manageable, \u2063currently standing at $35 million, \u200dwhich is less than one-third of the credit limit set under the New York Constitution.<\/p>\n<p>By maintaining strong credit ratings and addressing areas for\u2062 improvement, \u2064Middletown is well-positioned for continued growth and financial\u2062 stability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>our top-tier credit ratings, but we also received the highest rating for our short-term debt and retained a middle-grade rating for our long-term borrowing,&#8221; said the City of Middletown. Moody&#8217;s Investor Service praised the city&#8217;s strong economic growth and healthy fund balance as reasons for the renewed ratings.<\/p>\n","protected":false},"author":417,"featured_media":2008026,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2008025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2008025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/417"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2008025"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2008025\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2008026"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2008025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2008025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2008025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}