Downey receives 'excellent' credit rating

DOWNEY - Moody's Investors Service has issued Downey an "A2" rating, signifying the city is in excellent financial condition, city officials announced.Moody's specifically reviewed the results of Downey's fiscal year 2011-12 and 2012-13 budgets and noted the significance in the savings to the general fund for this fiscal year and future years. This was mainly due to successful negotiations with bargaining units to include employee contributions to retirement costs, cost of living deferrals, changes in the city's health plans and the reduction in personnel. "We are extremely proud to have been recognized for our hard work in being able to close an $11 million budget deficit and approving a balanced budget for fiscal year 2012-13," Mayor Mario Guerra said in a statement. "We had to make some difficult decisions to be able to accomplish this but I am glad that we were able to put forth a long-term solution to short term problems." Guerra also thanked city manager Gilbert Livas "for his hard work and dedication to ensure Downey's fiscal stability."

********** Published: January 31, 2013 - Volume 11 - Issue 42