Moody's said its declaration does not connote a rating or outlook change but is a sign of approval on one of many credit factors.
In May, Moody's and two other major credit rating agencies lowered
Bond ratings matter because they're used by investment banking firms to determine how high an interest rate the state will have to pay investors on new and refinanced bonds. The state is carrying
The arbitration cap had expired on
"We saved a lot of money on attorneys because there was a backstop. If there's a backstop, you can have a better negotiation. This has made the playing field a lot more even between management and labor. I can't tell you how much mayors value our public safety employees. All of them are underpaid and overworked. But at some point, there's only so much money and resources available," Doherty said.
"The law gives officials predictability in prioritizing their programs when preparing their spending plans. Salaries account for a major portion of a town's budget and interest arbitration is a valuable tool in managing costs which benefits property taxpayers," O'Scanlon said.
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