Share this article

print logo

Seneca ruling won't improve credit ratings for Buffalo, Niagara Falls, Salamanca

The Jan. 8 arbitration ruling that the Seneca Nation of Indians must resume casino revenue payments to the state won't improve the credit ratings of the cities that receive a share.

So said Moody's Investors Service, a Wall Street credit rating firm, in a report issued Thursday.

Buffalo, Niagara Falls and Salamanca all are owed portions of the Senecas' slot machine profits.

While Buffalo received only 1.7 percent of its budget from the Senecas, Niagara Falls and Salamanca were far more vulnerable. Both are too close to their constitutional property tax limits to make up the loss without massive spending cuts, according to the Moody's report.

Buffalo's credit rating is A1 with a stable outlook. Niagara Falls' is Baa3 with a negative outlook. And Salamanca is currently unrated.

There are no comments - be the first to comment