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Article: Credit woes hit towns ; Bond ratings south of Boston Bond ratings dip as cash shrinks
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- November 5, 2009
- Author:
CopyrightCopyright 2009 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Declines in state aid and local revenues have forced many
communities south of Boston to dip into their cash reserves to help
pay for operating expenses. But in doing so, some have dug
themselves deeper into a fiscal hole.
Some municipalities that have depleted their rainy-day funds have
seen their credit ratings downgraded by the bond-rating houses, and
consequently will have to spend more if they borrow money.
Chart of bond ratings, community by community. Page 3
"It's something for people purchasing municipal bonds to look at
and decide the ability of a municipality to repay the loans," said
John Robertson, deputy legislative director of the Massachusetts
Municipal Association.
Lower ...