Community Corner

Moody's Ups Long Beach Outlook

The Manhattan-based ratings agency credited the new city management team for implementing updated fiscal controls in January 2012.

Ratings agency Moody's Investors Service has affirmed Long Beach's bond rating while revising its outlook to "stable."

Moody's had placed a "negative" rating on the city's bonds late last year after Sandy battered Long Beach.

The Manhattan-based ratings agency also credited the new Democrat-led management team for implementing new fiscal controls in January 2012.

Moody's released the following list of fiscal strengths and weaknesses:

STRENGTHS:

- Improved financial controls and policies leading to balanced budgets

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- Large tax base with above average wealth levels

- Manageable debt position

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CHALLENGES:

- Significantly weakened financial position due to past structural imbalance

- Managing the effects of Hurricane Sandy

- Narrow cash position which requires market access to ensure sufficient liquidity for daily expenditures






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