Ratings Agency Upgrades Glen Cove Debt Rating

Moody's Investors Service has affirmed the Baa3 rating and revised the outlook on Glen Cove's debt to stable from negative.

The revision of the outlook reflects the city's stabilizing financial operations over the past two years. 

Moody's said Glen Cove's strengths include a diverse tax base with above average wealth levels, as well as improved budgeting practices, which help stabilize financial operations.

However, Moody's added that there are large deficits across all city funds.

Moody's wrote that the "stable outlook reflects our expectation that the city will continue to rebuild financial reserves given improved budget practices."