Moody’s Investor Service has reportedly dropped its “negative” outlook from the East Ramapo Central School District’s “poor” bond rating, while at the same time preserved its near-junk bond rating status. That’s according to The Journal News. The investor service’s move comes in the wake of the finding of $30 million surplus in the budget, when for years voters have been told the district was struggling to make ends meet. The New York State Comptroller’s Office is also reportedly looking into the district’s 2024-25 budget books. Ramapo supervisor Michael Specht says these questions need to be answered…
Despite the $30 million find, Moody’s continues to list East Ramapo at a “Baa3” credit rating, one step above junk.