Two agencies downgrade Suffolk's credit
Photo credit: AFP/Getty Images | The Wall Street sign near the front of the New York Stock Exchange. Despite a recent Wall Street downgrading, Suffolk County has sold $152 million in bond and revenue anticipation notes at lower interest rates than before the bond rating dropped. (Aug. 5, 2011)
Bellone: Suffolk in fiscal emergency
Suffolk County Executive Steve Bellone
Two Wall Street rating agencies Wednesday downgraded Suffolk County's credit in the wake of a report that the county faces a $530 million budget shortfall.
The downgrades likely will have "some impact" on county interest expenses -- with possible increases of up to $60,000 annually and several hundred thousand dollars over the life of the bonds, said Richard Tortora, Suffolk's financial adviser.
Fitch's...
