Ratings agency gives Westchester negative outlook
Westchester County's normally stellar Aaa bond rating has been given a negative outlook by a leading credit agency.
The decision by Moody's Investor Services marks the first time in the county's history that a bond rating agency has given it a negative outlook.
The negative outlook means Westchester County will have to pay more money to borrow funds.
County Legislator Jim Maisano (R-New Rochelle) warned of the possibility of a downgrade by Moody's last year, claiming Democrats did not heed the county executive's warning about reducing spending.
However, County Board of Legislators Chairman Ken Jenkins (D-Yonkers) says Moody's was reading into the doom-and-gloom budget presented by County Executive Rob Astorino (R-Westchester).
Two other bond rating agencies have said the county's outlook is stable.