RAMAPO, N. Y. -- Allegations of fraud against some Ramapo town officials could end up costing the town in more ways than one as Moody's Investors Services looks at possibly lowering the town's bond rating, according to a lohud.com report.
Uncertainty about Ramapo finances is behind Moody's move to look at adjusting Ramapo's A1 bond rating. Town Supervisor Christopher St. Lawrence pleaded not guilty earlier this month to federal charges that he and others tried to make town finances look better in order to borrow money to build Provident Bank Park baseball stadium, says lohud.com.
A lower bond rating could make it more expensive for Ramapo to borrow money. Moody's officials could also confirm the A1 rating after a review of the charges along with the town's financial situation, reports lohud.com.
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