Moody's Investors Service has placed eight New York issuers with a combined $2.1 billion in debt on review for not providing "sufficient" financial reports.
The localities cited by Moody's are the town of Oyster Bay; town of Skaneateles; town of Clarkson; town of Elmwood; village of Cobleskill; village of Montebello; Elmwood Park Fire District; Manhasset-Lakeville Fire District; and the Monticello Joint Fire District.
"The review is prompted by the lack of sufficient, current financial information," said Moody's analyst Vanessa Youngs in a Dec. 23 release. "If the information is not received over the next 30 days, we will take appropriate rating action which could include the withdrawal or lowering of the ratings."
Oyster Bay landed on the Moody's review three months after the ratings agency released a report saying a federal investigation into $20 million in loan guarantees made by New York's fourth largest township to restaurateur Harendra Singh could impact its credit rating. Moody's downgraded the Long Island town of 290,000 to A3 from A2 in August 2014 due to a negative reserved position from imbalanced budgets.
