Village of Mamaroneck's Bond Rating Upgraded to 'AA+' High Quality

VILLAGE OF MAMARONECK, NY — The Village of Mamaroneck has announced some news that could save taxpayers a substantial amount of money in the long run.

S&P Global Ratings has rated bonds issued by the Village of Mamaroneck as "AA+" High Quality and Very Low Credit Risk. The ratings status was reported by Fiscal Advisors & Marketing, Inc., a registered municipal advisory firm that works throughout NYS.

The AA+ rating comes right after the village received the 2022 Distinguished Operating Budget Presentation Award last month from the Government Finance Officers Association (GFOA).

"This AA+ rating is the second highest rating a municipality can achieve," Village of Mamaroneck Mayor Tom Murphy said. "It is a recognition of the prudent budgeting by the Village’s Board of Trustees, but the main credit belongs to our professional staff. The Clerk-Treasurer’s Office and the Village Manager’s Office have steered the Village through the perilous budgetary challenges of COVID-19 and the worst flooding in the Village of Mamaroneck’s history. While other municipalities cut services and broke the tax cap, the Village of Mamaroneck has increased services, grew our surplus and stayed under the tax cap. This new rating will allow the Village to borrow money for capital projects at more favorable rates, which will in turn save us all tax money."

Murphy's colleagues agree that the news of the AA+ is something the village can take a lot of pride in and noted that the efforts will pay off sooner rather than later.

"Higher rated bonds are viewed as safer and more stable investments," Clerk-Treasurer Agostino Fusco said."This rating will consequently greatly influence interest rates, bond pricing, and investment appetite. To investors, this bond rating answers any questions about the quality and stability of the bond."

Village Manager Jerry Barberio said the news came at an opportune time.

"In this climate of higher interest rates and global economic difficulties, S&P Global’s AA+ rating has recognized the Village of Mamaroneck for its outstanding commitment to fiscal stability and awareness," Barberio explained.

S&P Global Ratings is a globally respected credit rating agency that publishes financial research and analysis on stocks, bonds, and commodities. S&P is considered the largest of the "Big Three" credit-rating agencies, which also include Moody's Investors Service and Fitch Ratings. Find out more about the S&P Global here.