WASHINGTON - Mayor Vincent Gray and other District of Columbia leaders are heading to New York to meet with the three major credit rating agencies.
They're hoping to get the district's bond ratings upgraded. The agencies told Gray last year that the district needed to beef up its reserve fund, which had been depleted during the recession. Gray has poured more than $200 million back into the fund, which now stands at $1.1 billion.
The district ended fiscal 2011 with a $240 million surplus. But it still faces potential budget shortfalls starting in 2013 because of federal cutbacks.
Gray will leave for New York Thursday evening.
The district has general obligation bond ratings of A+ from S&P, Aa2 from Moody's and AA- from Fitch.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)