Downgrading is bad for business, and it's happened to neighboring Connecticut. The credit-rating agency Moody's has again downgraded the State's debt from Aa3 to Aa2...
Exit Only: Connecticut hit with yet another downgrade.
citing the state's high amounts of borrowing and pension costs with "slim prospects for replenishing the state's rainy day fund in the near-term," according to the Associated Press. It will now cost Connecticut more to borrow, and that means additional interest costs will be passed along to residents and businesses in the form of tax hikes. Once downgraded, it can take years to regain a higher debt rating.
In contrast, and thanks to proactive thinking, the Westchester County Association's government watchdog group, The Call to Action Committee, successfully lobbied Republicans and Democrats in county government to protect Westchester's AAA rating, Moody's highest award.
Had the Call to Action Committee not been there to push both the County Executive and Legislature to protect and grow the County's fund balance, there was a good possibility that Westchester's credit rating might have been downgraded by Moody's.