- Associated Press - Thursday, March 16, 2017

BURLINGTON, Vt. (AP) - Moody’s Investors Service has upgraded the city of Burlington’s financial outlook from “stable” to “positive”, crediting the city’s management team for budgeting conservatively.

The Burlington Free Press reports (https://bfpne.ws/2mvpOU2 ) that Moody’s report affirmed the city’s A3 credit status on Monday.

City officials say previous reports have highlighted the need to address a backlog of deferred maintenance for the city’s water infrastructure, as well as roads and sidewalks.

Moody’s report says the city is facing a challenge of tackling the backlog while managing its debt burden.

City officials say a positive outlook usually signals a likely upgrade to the credit rating in the near future.

The city’s finances have been hamstrung for many years, namely due to the preceding administration’s loaning of millions to the city-owned Burlington Telecom utility in 2010.


Information from: The Burlington Free Press, https://www.burlingtonfreepress.com

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