Niagara Gazette

Local News

October 7, 2013

Niagara Falls gets another bond rating boost

Niagara Gazette — For the second time in recent weeks, the city of Niagara Falls has received a boost from a bond rating agency. 

Standard & Poor's Ratings Services, an agency that assesses the credit worthiness of municipal governments and other entities, announced last week that it has affirmed its BBB-plus long-term rating for the city and removed Niagara Falls from CreditWatch "negative." 

S & P also assigned a "stable" outlook for the city's finances due to the improved liquidity it experienced following the receipt of delayed casino revenue in August. In a release, S & P indicated that the city's rating reflects its weak economy, flexibility, budgetary performance in fiscal year 2012 along with weak debt and management. 

Ratings agencies periodically review the financial soundness of various businesses and municipalities to determine their credit worthiness. Higher ratings generally mean lower interest rates on borrowing for the entities involved. The city’s bond rating took several hits in recent months amid concerns about the lack of incoming casino revenue and its impact on overall city operations.

In September, Fitch Ratings, another bond rating agency, announced its decision to affirm the city's "BBB" bond rating while removing it from a "negative" watch and assigning it a "stable outlook. “BBB” is the lowest rating within a category known as “investment grade” for Fitch.

As was the case with S & P, Fitch indicated that its decision was based largely on the delivery of the long-awaiting gaming revenue which had been tied up in a dispute between the Seneca Nation of Indians and the state of New York. 

1
Text Only | Photo Reprints
Local News
Featured Ads
Seasonal Content
House Ads
AP Video
Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US
Opinion
House Ads
Night & Day
Twitter News
Follow us on twitter
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Front page
Poll

Do you think cigarette sales to non-Native American customers should be taxed on reservations?

Yes. Items should be taxed like they are everywhere else.
No, the indian reservations are sovereign land and they are selling them on their land.
Not up to me. Native Americans decide the rules on their land.
Don't care. Smoking isn't good for you.
     View Results