City Of Poughkeepsie's Moody's Bond Rating Now Stable

POUGHKEEPSIE, NY — The City of Poughkeepsie received bit of good news Tuesday when it was notified by Moody’s Investors Service that negative outlook associated with the city’s bond rating has been improved to a “stable outlook” effective immediately. City officials said this was the first time since December 2010 that the agency has called the city’s position “stable.”

Mayor Rob Rolison said that while Moody’s action is not a full upgrade, “it is a clear indication that our actions and the results of our policies are being viewed favorable by the markets.”

He specifically mentioned — as did Moody’s — the consolidation of the city bus service with the county’s transportation system, earning $3 million in special assistance from the state’s Financial Restructuring Board and resolving long-outstanding collective bargaining issues with city-employee unions.

Moody’s also referenced the city’s “new, proactive management” as well as discontinuing the practice of deferring part of its annual pension obligation and is now paying the full amount each year.

“Fortunately, the policy change we made in 2016 are now beginning to pay dividends as we change course back towards fiscal responsibility,” Rolison said.

He said he knows there is much more work ahead for the city.

“But our first priority of stabilization has been achieved, and from here we hold ourselves all to account for the real progress that is now within our grasp,” Rolison said.

Read the full Moody’s report here.

Screenshot from City of Poughkeepsie's website.