YONKERS, NY — August 8, 2018 — Standard & Poors (S & P) Global Ratings yesterday lowered the City of Yonkers’ financial prospects from “stable” to “negative”. The catalyst for the reassessment by the financial ratings firm did however still maintain the firm’s long-term “A” rating. The caveat regarding the revised financial analysis is that borrowing costs on the bond market will increase detrimentally.
Nora Wittstruck, S&P Global Ratings Credit Analyst, in a statement advised, “The outlook revision reflects our view of the city’s deterioration in reserves as well as budgetary performance, particularly related to the school district’s operations, after two years of relative stability in its financial position.”
The budget deficit for FY2018-2019 is anticipated to be near $90 million.