Binghamton Bouncing Back From Last Year's Credit Downgrade

The City of Binghamton might be bouncing back from a recent credit downgrade. In January of this year, Moody’s Investors Services downgraded the cities credit, saying financial statements were consistently late, and that the city showed declining wealth and carried significant debt. The city blamed the late statements on an audit which was being performed at the time. However, Moody’s has no upgraded the city’s debt rating and has deemed Binghamton’s outlook as stable. Binghamton is projected to have consecutive surpluses in the city’s general fund. Officials say they have $10 million projected in their reserve fund. City leaders remain confident that Binghamton’s credit will be upgraded following the completion of the 2011 audit in the next few weeks.