Moody's cites Manchester tax cap in downgrade of bond rating
The credit rating agency Moody's Investors Service downgraded the city's bond rating one notch, from Aa1, which is the company's second-highest grade, to Aa2. The city schools' revenue bonds went from Aa1 to Aa3, which affects $77.3 million in current debt.
City Finance Director Bill Sanders agreed that the downgrade wouldn't have a major impact on the city, and he noted that Moody's also upgraded Manchester's outlook from negative to stable.
Still, Sanders and other aldermen said the downgrade report did raise some serious concerns, particularly about the poor performance of the city's park enterprises: the Derryfield golf course and its two ice rinks.
Alderman-At-Large Dan O'Neil called the decision to run the facilities as enterprise funds "failed from day one."
Gatsas said he didn't want to write a letter that could be misconstrued.
"I would rather be triple-A plus," Gatsas said. "But I think we'll have opportunity on the next round, and we can straighten them out on McIntyre. They can see the municipal complex."
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