FOR IMMEDIATE RELEASE
February 21, 2014
Contact: Mike Kanarick
802.735.7962
Mayor Miro Weinberger Responds to Moody’s Investors Service Publication Related to BT Settlement
Moody’s Investors Service published an Issuer Comment late yesterday, titled “Burlington, Vermont Approves a Credit Positive Telecom Settlement,” in which Moody’s referenced the City Council’s February 18, 2014 vote approving the Burlington Telecom settlement, stating: “The council’s approval is credit positive for the city, which has agreed to settle the lawsuit for about one third of the original claim.”
While the City’s credit rating remains unchanged, the Moody’s publication (attached) serves as an indicator that the City’s continued progress with its BT challenges will have a positive impact on future evaluations as the City moves through the steps required to close the deal agreed to in the settlement agreement.
Mayor Miro Weinberger issued the following statement in response to the Moody’s publication:
“The Moody’s publication serves as a further indication that the Administration and the City Council are on the right path with the BT settlement agreement. The publication also reinforces the point I have been making since announcing the settlement that we have considerable hard work remaining to secure both new, BT-supported financing to complete the settlement and Public Service Board approval.”
The City of Burlington and Moody’s are in a continuing dialogue about possible ratings improvements as the City works to meet the terms of the settlement agreement.
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