City’s bond outlook upgraded to stable
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Moody’s Investors Services has improved Haverhill’s bond outlook. In its latest review of the city’s financial position, Moody’s reaffirmed Haverhill’s bond rating of A-1 and removed the negative outlook that the firm had placed on the city’s bonds several years ago, upgrading the bond outlook to stable. “This is good news for our city, and basically is a stamp of approval from Moody’s about what we have been doing with our budget,” Mayor James J. Fiorentini said. The mayor said $1 million was added to the rainy day fund in Haverhill’s budget, a move that Moody’s cited when explaining its reasons for the upgraded bond outlook. “Removal of the negative outlook is based on Moody’s expectation that the city’s financial position will stabilize as a result of recently settled collective bargaining agreements and an overall improved economic environment and focus on improving reserve levels,” Moody’s said.