Moody's Investors Withdraws Rating for Babylon Village

Moody's Investors Services announced on Friday it has withdrawn its rating for Babylon Village, noting the local government did not provide financial information necessary to review its debt credit quality.

According to a report by Reuters, the Village had been affirmed at an A1 rating before the announcement on Friday. A1 is considered an upper-medium investment grade and low credit risk to potential investors.

Village treasurer Valerie Fronzo told Reuters that Babylon would issue its aduited financial statements for the fiscal years 2010 and 2011 soon, citing Other Post-Employment Benefits as being the last item that needed completition.

Moody's, according to Reuters, put the village on a watchlist following the affirmation of its A1 grad on March 20, 2012.

"After receiving some financial information, a review on June 12, 2012 by Moody's deemed the financial information provided still insufficient," said a public statement from Moody's. "The withdrawal of the rating reflects the lack of information regarding the district's future performance."

They added: "Moody's believes that it is unable to provide investors with an informed assessment of the current credit quality of this debt instrument."

The release did not mention if the company had affirmed a new rating upon the village.