Moody’s Upgrades Village Bond Rating

Moody’s Investor Service has upgraded East Hampton Village’s bond rating from Aa2 to Aa1, indicating a very strong capacity to meet financial commitments.

The provider of credit ratings and risk analysis cited the village’s sizable and affluent tax base and modest debt burden as strong indicators of its financial position.

The upgrade, according to a release issued by Mayor Paul F. Rickenbach Jr. and the village board, followed the village’s decision to refinance a series of bonds, resulting in savings of almost $225,000.

The village’s general fund balance continues to increase, the release states, due in part to a rise in building department revenues and improved collection of court fines and fees.