Moody's Investors Service has withdrawn the ratings of 25 New York issuers with a combined $154 million in debt after they did not provide audited financial statements for fiscal year 2013.
The withdrawn ratings include 21 towns, two cities, one village and one fire district.
Moody's senior analyst Robert Weber said the decision "reflects a change in policy not to accept New York State annual update documents as verified financial documents since an auditor does not review or verify them." The policy change was first announced by Moody's in 2013.
Weber said ratings on the impacted localities could be reinstated if they supply the needed information and there is no deadline to do so.
The issuers affected by Moody's decision include the village of Airmont; town of Bolton; town of Boston; town of Busti; town of Cicero; town of Dickinson; town of Erwin; town of Esopus; town of Fort Ann; city of Gloversville; town of Greenport; city of Johnstown; town of Lake Luzerne; town of Lansing; town of North Dansville; town of North Greenbush; town of Royalton; town of Schaghticoke; town of Schodack; Stone Ridge Fire District; town of Virgil; town of Volney; town of Watertown; town of Wawayanda and the town of Woodbury.
