Spin Cycle

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A potential political blow for Nassau County Executive Edward Mangano: Moody's Investors Service has placed the county's bonds on "negative" outlook, while keeping the overall rating unchanged.

Republican Mangano blamed his Democratic predecessor, Thomas Suozzi, saying, "Moody's negative outlook is based on deficits from 2007 and 2008, long before County Executive Ed Mangano took office.

But Moody's was specific in its implied criticism of Mangano, questioning his decision to increase the county's reliance on borrowing to pay property tax refunds and his ability to wring out his promised savings from the county budget.

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 UPDATE: A Suozzi fan called to note that Moody's had issued a rating on Nov. 25th giving the county a "stable outlook." That was barely a month before Suozzi left office.

 

 

 

 

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