Ramapo, NY GO Bond Rating Outlook Revised To Negative On Reduced Financial Flexibility; 'AA-' Rating Affirmed

WASHINGTON D.C. (S&P Global Ratings) July 16, 2024--S&P Global Ratings has revised its outlook to negative from stable and affirmed its 'AA-' rating on Ramapo Town, N.Y.'s existing general obligation (GO) bonds. At the same time, S&P Global Ratings assigned its 'AA-' long-term rating, with a negative outlook, to Ramapo's series 2024B public improvement GO bonds in the amount of $20.6 million. "The outlook revision reflects Ramapo's weakened financial performance in fiscal 2023 and reduced financial flexibility, with available general fund reserves falling to $555,000, or a thin 1.2% of expenses, following the significant use of reserves during the year due to reduced general fund revenues and increased expenses," said S&P Global Ratings credit analyst Timothy Barrett. The negative outlook

...July 16, 2024 WASHINGTON D.C. (S&P Global Ratings) July 16, 2024--S&P Global Ratings has revised its outlook to negative from stable and affirmed its '##-' rating on Ramapo Town, N.Y.'s existing general obligation (GO) bonds. At the same time, S&P Global Ratings assigned its '##-' long-term rating, with a negative outlook, to Ramapo's series 2024B public improvement GO bonds in the amount of $20.6 million. "The outlook revision reflects Ramapo's weakened financial performance in fiscal 2023 and reduced financial flexibility, with available general fund reserves falling to $555,000, or a thin 1.2% of expenses, following the significant use of reserves during the year due to reduced general fund revenues and increased expenses," said S&P Global Ratings credit analyst Timothy Barrett. The negative outlook reflects that there is a one-in-three chance we could lower the rating within the next two years should the operating results remain weak and reserves in the general fund and police fund...

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