Niagara Gazette

Local News

November 15, 2013

Niagara Falls' bond rating is recovering

(Continued)

Niagara Gazette —

In an article published in May, Councilman Robert Anderson Jr. was quoted in the trade publication "The Bond Buyer" saying it would be a "miracle" if the city received the money it was owed.

"It resulted in our being evaluated by the bond rating agencies at the worst possible time," Dyster said.

Dyster, who maintained confidence that the casino revenue issue would be resolved before the city's cash flow became an issue, urged the agencies to revisit the ratings as soon as the dispute was settled.

Now that the city's bond rating has been restored, it has more options available when planning for the funding of capital projects with more attractive interest rates on any money borrowed, Dyster said.

"It restores the full flexibility to the city for when we want to borrow for a project or when we want to pay cash," Dyster said.

Dyster acknowledged that while the restoration of the city's bond rating is a step in the right direction Niagara Falls government still faces many of the same challenges going forward that it has for years.

"I think what we need to do is address structural issues in our budget," Dyster said.

 

Big red number Baa2 Moody's Investor Service increased bond rating for the city

 

Contact reporter Justin Sondel at 282-2311, ext. 2257

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