Ramapo, N.Y., pulled a competitive sale of $39.2 million in general obligation bonds that had been planned for Thursday, eight days after a Federal Bureau of Investigation raid on its town hall, and replaced it with a short-term financing.

In response to the raid, Moody’s Investors Service last Friday put Ramapo’s A1 GO and MIG-1 bond anticipation note ratings on review for a downgrade. The $39.2 million bonds were to pay off BANs due on May 29, according to Moody’s. Instead, the town will sell BANs on Thursday, said Rick McCarthy, president of Environmental Capital, the town’s financial advisor.

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