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The Town of Southampton received a credit upgrade to the highest level today. Moody’s Investors Service joins Standard & Poor’s in rating Southampton as AAA. The review was initiated at the request of Supervisor Jay Schneiderman who led the presentation to Moody’s. Earlier this year, Schneiderman met with S&P who later affirmed the AAA rating will not change over the next two year outlook horizon.
The AAA rating, the highest credit rating available, provides assurance to investors of the Town’s strong ability to repay outstanding liabilities and qualifies the Town for the lowest interest rates on capital borrowing. In a press release today, Moody’s credits the Town’s strengths on these key factors:
“I am pleased that Moody’s recognized our strong financial management team as one of the key elements associated with the upgrade,” said Supervisor Schneiderman. The Supervisor congratulated Comptroller Len Marchese and the Town Board for the excellent jobs they are doing with the Town’s finances.
“This upgrade validates the Town’s financial practices including strong fiscal and management decisions of the past several years. We have strived to provide efficient public services, while maintaining fiscal constraint. I commend the Supervisor and Town Board for their continued commitment to sound fiscal policies,” said Town Comptroller Leonard J. Marchese.
The Moody’s report also stated, “Management is actively working to ensure the Town maintains its appeal for years to come.” Moody’s recognized the significant revitalization efforts underway throughout the Town as well as ongoing preservation efforts and a commitment to maintaining infrastructure.
The Moody’s report concludes, “The stable outlook reflects the expectation that the Town will continue to maintain a solid financial performance and its tax base will remain extremely large and diverse.”
Supervisor Schneiderman said, “The highest credit rating and the stable outlook give us confidence as we move forward working hard for the people of Southampton.
Town of Southampton – Office of Supervisor Jay Schneiderman Contact: Frank Zappone 631-283-6055