All they do is cry everytime something good happens in Barnstable.
The Hate Blogs, AKA Gary Lopez and Eric Schwaab, spend two years beating the daylights out of the Town. Why?
Because they hate the Town of Barnstable. And they will NEVER admit that we are a wonderful community. They are miserable people. Terminally depressed, mean-spirited and angry people who want to assume the worst in life.
What will they do when they hear about the latest financial good news in Barnstable? Lopez and Schwaab will proclaim that the fix was in. They will say that Finance Director Mark Milne is related to a Moody. They will say anything to make the town look bad.
Well, too bad for them.
The Barnstable Patriot covered the story about our Town's incredible financial position. And what did they say?
Barnstable bond rating upgraded by Moody’s
Second best rating given
By David Still IImailto:IIdstill@barnstablepatriot.com
The Town of Barnstable now has two bond ratings to be proud of.
Town finance director Mark Milne was informed this week that Moody’s investment house had upgraded Barnstable two positions to Aa1, a step below its highest.
According to a memo from Milne to Town Manager John Klimm, it was Moody’s, not the town, that sought to take another look. Moody’s last rated the town in 1999, giving it an Aa3 rating, three steps below the highest.
Barnstable’s upgraded bond rating essentially translates into a higher credit score for the town.
Milne wrote, "Moody’s felt they owed it to bond holders who are holding town bonds that were rated by them to update the bond rating." The benefit to bond holders is that the new rating provides a higher-graded investment "which could bring them more money if they decided to sell it," Milne wrote.
In an interview this week, Milne said that the town stopped using Moody’s as its rating company after 1999 "because we didn’t think they really understood Cape Cod communities."
In addition, Moody’s stuck close to the numbers, instead of reviewing overall management practices and decisions in a community.
"Management decisions can affect a bond rating more quickly than anything else," Milne said.
In his memo, Milne wrote, "There are only 7 other communities rated Aa1 by Moody’s in MA (Acton, Bedford, Boston, Lincoln, Sudbury, Waltham, and Westwood). Both are excellent bonds ratings which the community can be very proud of."
The town’s financial advisors indicated that it would be unusual for a rating to jump three rankings at once. Milne expressed confidence that the town could achieve Moody’s highest rating "so long as the town does not deviate significantly from the course it has been following."
Barnstable received an AAA rating from Standard and Poor’s earlier this year in association with a sizeable bond issue.
That rating allowed the town to sell its bonds in the retail market for the first time, providing competition among bidders and a lower rate on the bonds.
The two ratings are independent of one another. Moody’s new rating does not affect the bonds issued under the AAA rating from Standard and Poor’s."
Another victory for the hard working employees and the citizens of Barnstable.
Lopez and Schwaab are just going to have to cry in their spilt milk. Again.
Don't Cry for Us Gary Lopez.
What do you think?
4 comments:
Great news for the Town.
BB, Lopez is washed-up. Expect him to drop off the blogger map soon.
he really blew the Cape Cod Commission story.
Hey Blogster,
Lopez had PN out of the running at the Cape Cod Commission. Impeccable sources, he said. He also had Atsalis getting a job there. Lopez better start questioning his sources. They are always WRONG.
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