Summary: Ramapo Town, New York; General Obligation

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 to negative reflects the town's reduced financial flexibility following the use of $6.5 million in available reserves due to lower revenues in fiscal 2023 and increased expenses. The town's faith and credit pledge secures the bonds. Officials intend to use series 2024B bond proceeds to finance a range of town capital projects including various sidewalk and road repair-related projects as well as

...+ 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 to negative reflects the town's reduced financial flexibility following the use of $6.5 million in available reserves due to lower revenues in fiscal 2023 and increased expenses....

Summary