Mayor: Moody's Update Coming, Re-Rating Unlikely For Now

Credit rating firm Moody's is drawing closer to a self-imposed 90-day deadline to consider a review Collingswood's bond rating, following a sharp downgrade earlier this year that angered town leaders. 

Collingswood Mayor James Maley discussed updates Monday evening regarding the borough's  and its attempt to raise a six-point credit downgrade  by Moody's. After the Moody's decision, Collingswood issued the agency a report in an effort to having the rating reevaluated. 

"Moody's gave themselves 90 days to review that report," said Maley Monday night. "We've also met with them for what was a productive meeting.

"I'm expecting something is coming out from (Moody's) in the next day or so. I don't expect that they'll re-rate us just yet, but they'll definitely have something coming out."

According to Maley, submitting a report for Moody's review was step one in a process to resolve issues caused by the downgrade.

"The day this downgrade went public, Moody's was wrong; they ," said Maley. "And I believe you'll be seeing a recognition of that."

Maley said he couldn't comment further on the bond rating.

"I really can't say more than that, because I've been cautioned by bond counsel that things I say may have implications," he said.