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Moody’s pulls ratings for Locust Valley Fire District bonds

The Locust Valley Fire Department, located at 228

The Locust Valley Fire Department, located at 228 Buckram Rd. in Locust Valley, is comprised of more than 100 volunteer firefighters who serve Locust Valley, Matinecock, Lattingtown and parts of Mill Neck. (May 31, 2012) Credit: Brittany Wait

Moody’s Investors Service has withdrawn its bond ratings for the Locust Valley Fire District, citing insufficient information about the district’s finances.

Codge Whitting, chairman of the board of fire commissioners, said the district will be providing Moody’s with all the information necessary to resume its ratings.

Locust Valley was one of eight fire districts or municipalities, including four in New York State, the rating agency on Monday removed for failing to provide sufficient financial information.

“We don’t have the information we need to do a rating,” Moody’s spokesman David Jacobson said.

Moody’s last month notified 62 bond-issuing local governments or entities that failing to provide sufficient information within 30 days would mean lowering or removing their bond ratings, Jacobson said. That would make it more difficult and potentially more expensive for them to sell bonds. All but eight responded in time.

Whitting said the Locust Valley district intended to provide the necessary information but was delayed by a medical problem experienced by its auditor.

“We will get them anything they need,” he said. “We try to avoid things falling through the cracks.”

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