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Mayor: ‘Moody’s expects hospital deal to get done – or else’

Office of the Mayor announces:

STATEMENT FROM MAYOR ZIMMER ON MOODY’S RATING UPDATE
 “The financial condition of Hoboken University Medical Center and Moody’s decision to issue a credit watch for $9 million of the $52 million bond guaranty by the City simply demonstrates how important it is to move forward with the sale of HUMC. The financial risks associated with the hospital, including the City’s $52 million bond guaranty, have negatively impacted the City’s credit rating. If the sale of the hospital to HUMC Holdco is completed, these risks will be removed, and we are confident that Hoboken will be in a strong position to not only have the credit watch removed, but to have the City’s bond rating upgraded.”

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