Moody's has changed its outlook to negative on the general obligation bonds of Huntington, N.Y., because of the town's practice of deferring one-third of its annual pension obligations.
About 200 municipalities in New York state have deferred such payments to keep their general budgets funded under a program begun in 2010.
Participating in the program comes with a cost. The delayed payments are essentially loans that must be paid with interest. The New York Times reported last year that more than $43 million had been deferred.
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