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Government

Bond Rating Downgrade for RI & Other Local Governments

Moody's Investors Service

The cost of borrowing money may go up for the city of Rock Island, but not very much. This week, Moody's Investors Service announced a downgrade in its bond ratings for the city from Aa2 to Aa3.

Interim city manager Randy Tweet says it's mainly due to the state's financial problems, and their impact on local governments - in this case rising pension liability for public employees. 

"It's still investment grade so it's still a very solid rating. We don't expect any significant impact on our bond issuance - if there's any it would be minimal."

 
Tweet says in recent months Moody's has also issued downgrades, for the same reasons, for other cities and counties in our area and across the state.

A native of Detroit, Herb Trix began his radio career as a country-western disc jockey in Roswell, New Mexico (“KRSY, your superkicker in the Pecos Valley”), in 1978. After a stint at an oldies station in Topeka, Kansas (imagine getting paid to play “Louie Louie” and “Great Balls of Fire”), he wormed his way into news, first in Topeka, and then in Freeport Illinois.