Colonie shed its bond rating featuring a negative outlook, according to information from Moody's Investor Services.
Colonie officials said Moody's briefly gave Colonie an A1 rating with a negative outlook, but returned it to Baa1, without a negative outlook, due to the financial challenges such as decreased sales and mortgage tax revenue.
"Removal of the negative outlook reflects our expectation that the town's management team may build on two consecutive years of favorable operational and budgetary results," according to information from Moody's provided by the town. Colonie "will remain challenged," though.
The Spotlight is working toward obtaining the report.
Moody's knocked Colonie down twice in 2007, and Colonie Town Supervisor Paula Mahan said the Baa1 rating with a negative outlook is something she has worked hard to improve upon during her administration.
"We are pleased that we have succeeded in our primary goal of having the negative outlook we inherited removed from the Town's bond rating," said Supervisor Mahan. ""