Wall Street agency boosts credit rating

[steven]

As some push to weaken the powers of Buffalo’s state-appointed control board, a major Wall Street agency has boosted the panel’s bond rating. Fitch Ratings said the city’s improving financial health has prompted it to increase the Buffalo Fiscal Stability Authority’s credit rating by a notch. Higher bond ratings generally translate into lower borrowing costs.

“The upgrade to ‘AA’ reflects the demonstrated effectiveness of the BFSA in assisting in the recent improvement of the fiscal condition of the city,” Fitch analysts said in a statement.

The upgrade came a month after officials from the city and the control board engaged in a public duel over whether the board should continue to borrow money on Buffalo’s behalf. City officials hope to return to selling their own bonds in future years, noting that Buffalo also saw two Wall Street agencies boost its credit rating in the last year. While Buffalo’s rating is still lower than the control board’s, city analysts have argued that the substantial savings Buffalo incurred in prior years by using the board’s borrowing clout are now negligible.

Officials reached a consensus that the control board should proceed with plans to sell up to $30 million in bonds this month to fund city capital projects. But Mayor Byron W. Brown has vowed to push for control board passage of a resolution that would give the city the option of deciding whether it will seek control board involvement in future borrowing.


http://www.buffalonews.com/103/story/60106.html

[leftWNYbecauseofBS]

As some push to weaken the powers of Buffalo’s state-appointed control board, a major Wall Street agency has boosted the panel’s bond rating. Fitch Ratings said the city’s improving financial health has prompted it to increase the Buffalo Fiscal Stability Authority’s credit rating by a notch. Higher bond ratings generally translate into lower borrowing costs.

“The upgrade to ‘AA’ reflects the demonstrated effectiveness of the BFSA in assisting in the recent improvement of the fiscal condition of the city,” Fitch analysts said in a statement.

The upgrade came a month after officials from the city and the control board engaged in a public duel over whether the board should continue to borrow money on Buffalo’s behalf. City officials hope to return to selling their own bonds in future years, noting that Buffalo also saw two Wall Street agencies boost its credit rating in the last year. While Buffalo’s rating is still lower than the control board’s, city analysts have argued that the substantial savings Buffalo incurred in prior years by using the board’s borrowing clout are now negligible.

Officials reached a consensus that the control board should proceed with plans to sell up to $30 million in bonds this month to fund city capital projects. But Mayor Byron W. Brown has vowed to push for control board passage of a resolution that would give the city the option of deciding whether it will seek control board involvement in future borrowing.


http://www.buffalonews.com/103/story/60106.html

Quick let's celebrate. Raises for everyone, including those who do not work for the city. Since we can borrow with less interest, lets borrow more then we can pay back.

BFLOCOP, PBA, UNIONCOP AND MOUSE. I have your response to this covered.

[Genoobie]

Interesting, I've been searching online for about 15 minutes now and I only found one source that details municipalities' bond ratings. I'd like to see numbers on how other cities are doing, how much debt they're carrying, etc etc to see where Buffalo stacks up. I wonder if bond ratings are tied to corporate investment...hmm..let's see how might this work

1) Corporate interests improve bond ratings by withholding pay increases and other payouts

2) Same said corporations invest in those municipal bonds...

3) Corporations write themselves a tax-free 5-7% pay increase at the expense of city workers...

4) Payouts are withheld, cycle repeats...

Wow...sounds like a sweet deal to me...Hey I want to be part the control board...pick me pick me...

Regards

[Timmy]

Id be a control board member or Mayor in a minute

First Id keep all the hiring freezes, pay freezes, benefit freezes

Second Id institute a review of all city programs for which should be cancelled or privatized like the BMHA could easily be replaced with rental vouchers

Third Id instruct the Water Authority and Sewar Authority to start laying new pipes everywhere in the city or risk having those high rates sold off to a private company

Fourth Id repave all the city streets and even create multiple cobblestone districts all over the city

Fifth, Id instruct the housing court to sieze all property with newspaper notices as they do in other cities, triple the inspection fines and triple the housing inspectors and judges. Id create a special tax for property owned less than 1 year....as a disincentive to flippers.

Sixth, Id instruct the NFTA either build the light rail extension or be disbanded

Seventh, Id not just build that Convention and Conference Center but the Pre/Post Production Facility for the Film Commission

Eight, Id have a meeting with UB and all the local Colleges and say I want 1 Center of Excellence in a different industry or science added per year.

Ninth, Id deputize school truancy officers. Arrest kids for not being in school and force parents to appear before judges with social workers and psychological analysis. Id basically criminalize truancy, misbehavior or failing grades as a form of child abuse unless otherwise explained, then Id lobby the state/fed/county/municipal to end all assistance unless children attended school, behaved and received passing grades. The expectation that a parent/child can neglect their children for whatever reason with the excuse that those kids can just go in municipal housing and food stamps must end.

Id use taxpayer money to either lower taxes or rebuild our city. Anyone who didnt like the cut off in social programs would get a free ticket at the bus station to anywhere in the US as long as it wasnt Buffalo.

[PBAguy]

its 740, time to get out of bed.

[Dumbfounded]

Id be a control board member or Mayor in a minute

First Id keep all the hiring freezes, pay freezes, benefit freezes

Second Id institute a review of all city programs for which should be cancelled or privatized like the BMHA could easily be replaced with rental vouchers

Third Id instruct the Water Authority and Sewar Authority to start laying new pipes everywhere in the city or risk having those high rates sold off to a private company

Fourth Id repave all the city streets and even create multiple cobblestone districts all over the city

Fifth, Id instruct the housing court to sieze all property with newspaper notices as they do in other cities, triple the inspection fines and triple the housing inspectors and judges. Id create a special tax for property owned less than 1 year....as a disincentive to flippers.

Sixth, Id instruct the NFTA either build the light rail extension or be disbanded

Seventh, Id not just build that Convention and Conference Center but the Pre/Post Production Facility for the Film Commission

Eight, Id have a meeting with UB and all the local Colleges and say I want 1 Center of Excellence in a different industry or science added per year.

Ninth, Id deputize school truancy officers. Arrest kids for not being in school and force parents to appear before judges with social workers and psychological analysis. Id basically criminalize truancy, misbehavior or failing grades as a form of child abuse unless otherwise explained, then Id lobby the state/fed/county/municipal to end all assistance unless children attended school, behaved and received passing grades. The expectation that a parent/child can neglect their children for whatever reason with the excuse that those kids can just go in municipal housing and food stamps must end.

Id use taxpayer money to either lower taxes or rebuild our city. Anyone who didnt like the cut off in social programs would get a free ticket at the bus station to anywhere in the US as long as it wasnt Buffalo.

All extremist idealism. Buffalo will NEVER get all of the necessary agencies to cooperate in an exaustive system of checks and balances, higher standards in a city used to low standards and you would NEVER see the govt/private funding to fuel the basically punitive, restrictive and fundamentally unrealistic system that you proposed, like Fascism.

The people (in charge) of NYS;Buffalo think far too small for the projects that you propose, Timmy.

Timmy. If I were YOU, I'd blame ALL of Buffalo's financial problems on greedy scheming Neo-con Zionist hooldums that have dragged Buffalo into near-bankruptcy just to make a "quick profit" at the expense of good, honest, hard-working people like you! Shalom!!!

[Genoobie]

Timmy,

I *like* your ideas on this one, except Buffalo would have about 20 people left after you got rid of all those agencies. You have to ask yourself, what does economy mean.

Regards

[leftWNYbecauseofBS]

its 740, time to get out of bed.

LOL I thought he was high.

[citymouse]

Quick let's celebrate. Raises for everyone, including those who do not work for the city. Since we can borrow with less interest, lets borrow more then we can pay back.

BFLOCOP, PBA, UNIONCOP AND MOUSE. I have your response to this covered.

Wrong again.
The more the city borrows through the control board the longer Dorothy Johnson and her staff will take that two million a year out of the taxpayers pocket.
No city worker I know is in favor of that. (except Dorothy Johnson and her henchmen).

[leftWNYbecauseofBS]

Wrong again.
The more the city borrows through the control board the longer Dorothy Johnson and her staff will take that two million a year out of the taxpayers pocket.
No city worker I know is in favor of that. (except Dorothy Johnson and her henchmen).

DUDE IT WAS A JOKE. LOL