August 30, 2013 / 8:40 PM / 4 years ago

Moody's revises Long Beach, N.Y. outlook to stable

Aug 30 (Reuters) - Moody’s Investors Service on Friday revised the outlook on the city of Long Beach, New York’s outstanding general obligation bonds to stable.

In December 2012, Moody’s said the city’s outlook was negative, following the significant damage caused to the local infrastructure from Superstorm Sandy as well as accumulated deficit in fiscal 2012.

The outlook revision to stable reflects the fiscal controls, and policies implemented by new leadership which has improved the town’s budgeting practices, Moody’s said.

Moody’s also affirmed the Baa3 rating on the city’s approximate $42 million in debt.

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