BINGHAMTON, N.Y. -- The City of Binghamton's credit rating has been downgraded by Moody's Investors Service. The company says the downgrade from A1 to A2 is because of late financial statements and high debt, among other reasons.
Moody's will be reviewing the rating, which could result in anything from an upgrade or another downgrade to a withdrawal of the rating.
The company says the city didn't submit an annual update document and an audit hasn't been completed since the 2010 fiscal year. But Mayor Matt Ryan says the state audit and the hiring of a new auditing firm slowed down the process of submitting a financial report. He says it will be complete by the end of this March.
Ryan says despite the downgrade, he believes the city is on the right track.
"Fiscally we're headed in a very good direction. We're not, just like every city in the state, we're experiencing fiscal difficulties, but we are managing it, I would say, as good as anybody in the state. We're managing our finances," said Mayor Ryan.
Ryan says he talked to Moody's after the downgrade was announced and he wants to assure Binghamton residents the city and the company are working together to improve the rating.