AAA Credit Is Re-Upped

The East Hampton Town Board announced yesterday that the town has maintained its top-tier AAA credit rating, as affirmed by Moody’s Investors Service. 

In preparation for yesterday’s sale of $16.5 million in general obligation bonds for the town, Moody’s affirmed that the town’s financial status continues to warrant the AAA rating it was awarded last year. 

The rating reflects confidence not only in the town’s present financial condition but also in its practices, according to a statement issued by the town. Moody’s cited East Hampton’s “conservative budgeting and proactive financial management practices” as well as its “modest debt burden” and “sizable tax base” as factors in the triple-A rating and positive outlook. The town has built reserves while lowering overall indebtedness, according to Moody’s. 

Supervisor Peter Van Scoyoc said in yesterday’s statement that “it is very satisfying to have Moody’s acknowledge through our AAA rating the town’s strong financial position as well as the work we have been doing to maintain that strength. Our substantial financial reserves and surplus were particularly noted by Moody’s as factors that have allowed us to maintain the highest rating possible.” The town will strive to maintain those reserves at levels expected for a triple-A credit, he said. 

The bonds being sold are to finance projects including a townwide upgrade to its emergency communications system, a new records management system, a new fuel facility at East Hampton Airport, and structural improvements to the Y.M.C.A. East Hampton RECenter.