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Norwalk Mayor, County Leaders: Why Are We On List?

NORWALK, Conn. – Local leaders were not too pleased to find their communities on a Moody's Investors Services watch list recently, in danger of losing the coveted Triple-A bond rating they have worked to maintain.

"I don't know how we got on the list and not a single town from Hartford," Norwalk Mayor Richard Moccia said Friday. "Two weeks before, they had reaffirmed our Triple-A bond rating and gave us a good review. All of us are upset because we haven't been able to get a decent answer."

So Moccia set up a conference call, which happened Monday. Leaders from 19 communities on the watchlist talked to representatives from Moody's, trying to get an explanation.

"We expressed our disappointment and disagreement with their decision to place us on a list for potential downgrade," Moccia said in an email. "We expressed our displeasure, as did other cities, that no prior notice was given nor could they explain why only three weeks ago they had reaffirmed our rating as AAA, and now we are on the watch list. We talked about the various elements that their decision was based on, and attempted to rebut their view of the situation."

Moody's representatives said they would follow up with each leader individually. "We look forward to presenting our best arguments of why Norwalk should retain in AAA rating," Moccia said. "They pointed out that this was a watch list only and did not mean an automatic downgrade.

"The ball is now in their court."

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