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Buffalo's credit rating drops to "negative"

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Posted at 8:29 PM, Sep 16, 2020
and last updated 2020-09-16 20:29:07-04

BUFFALO, N.Y. (WKBW) — A Wall Street credit rating agency has downgraded the City of Buffalo's rating, according to Mayor Byron Brown.

Fitch Ratings has dropped the city from an "A+" to "A" rating and downgraded the outlook from "stable" to "negative."

Fitch states the new lower rating concerns the "city's just adequate financial resilience and overly optimistic budgeted revenue assumptions have the potential to further erode the city's financial resilience during the current pandemic related economic downturn."

The mayor says he disagrees with the actions.

Last year, Buffalo's rating was also downgraded.

Full statement below:

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Statement by Mayor Byron Brown on Fitch rating