Politics & Government
Long Beach Gets Credit Upgrade; Expects To Save $100K Next Fiscal Year
Moody's Investor Services boosted Long Beach to an A3 rating.
LONG BEACH, NY — The City of Long Beach was given a financial shot in the arm. Moody's Investor Services upgraded the city's credit rating to A3 from Baa1.
The upgrade is expected to save Long Beach approximately $100,000 in the next fiscal year and more than $1 million in the long term.
It will also lower the interest rates paid on current and future bonds.
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"This is fantastic news for the City and our residents," said Long Beach City Manager Daniel Creighton. "The upgrade is a testament to the dedicated employees of our City who have been tightening their belts and staying on budget."
Moody's points to financial improvement, increased liquidity and reserve levels for making the credit update.
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