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Posted on: January 30, 2015

Standard & Poor's Ratings Services Affirms “AAA” Rating of Southampton Town

Untitled Document

FOR IMMEDIATE RELEASE

>Town of Southampton – Office of the Supervisor, January 30, 2015

 

 

Standard & Poor's Ratings Services Affirms “AAA” Rating of Southampton Town

In a release issued Thursday January 29, Standard and Poor’s Rating Services affirmed the Town of Southampton’s “AAA” rating issued one year ago.  “The rating,” the release stated, “reflects our view of the town's:

  • Very strong economy, which benefits from participation in the broad and diverse New York-New Jersey-Northeast Pennsylvania metropolitan statistical area (MSA);
  • Strong management;
  • Very strong budgetary flexibility;
  • Very strong liquidity;
  • Strong budgetary performance;
  • Strong debt and contingent liabilities profile; and
  • Strong institutional framework. “

“It has been my goal to achieve the AAA rating since I began as Supervisor 5 years ago,” stated Supervisor Anna Throne-Holst. “Having achieved that goal last year, we have no intention of resting on our laurels. We will continue the sound financial management practices and fiscal discipline that have helped us achieve this high standard and recover from the significant downgrades of the past.”

The S&P release further stated that, “The town's management conditions are, in our view, strong; with good financial practices under our Financial Management Assessment methodology ... (the) strengths of the assessment, in our opinion, include strong oversight of budget-to-actual results during the year, a long-term capital plan, and strong investment management policies.”

Leonard Marchese, the Town Comptroller added, “I’m very pleased that the Town is being recognized by S & P for its fiscal discipline and financial management.  We have invested significantly into modernizing and streamlining processes throughout all areas of operations resulting in significant efficiencies and improved delivery of services town wide. These actions coupled with proactive fiscal monitoring and treasury management have proved successful as evidenced by S&P’s affirmed AAA rating for the town.”

“Earlier this month, we made our fifth consecutive visit to the rating agency in New York City,” the Supervisor added. “We presented a compelling financial story to the rating agency and this affirmation is recognition of how hard everyone has worked to achieve this outcome.”

To view the entire Standard & Poor’s rating report, click on the following link: http://www.southamptontownny.gov/2015standardandpoors

For additional information contact:
Frank Zappone, Deputy Supervisor, 631-283-6055

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