Moody's slashes Yonkers' credit rating
Moody's Investors Service has slashed Yonkers' credit rating by two notches.
The city's credit worthiness was downgraded from "high quality with very low credit risk to medium quality with moderate risk," a Baa1 rating.
Moody's says if it didn't knock the rating down, the city would actually wind up getting deeper and deeper in debt.
The rating agency's outlook for Yonkers wasn't completely bleak. It says the city's planned development projects will benefit its revenue over time.