Port Chester Village Debt Rating Remains Strong

The Village of Port Chester was once again received the highest short-term debt rating—MIG1—as determined by Moody’s rating agency.

Moody’s also gave the village a long-term debt rating of Aa3.

The rating agency said the Aa3 rating reflects the village’s stabilized financial position following years of declining reserve funds, a moderately sized tax base and average wealth.

Mayor Dennis Pilla said the short-term debt rating will allow the village to borrow at interest rates of around 0.4 percent.

The long-term rating will achieve borrowing at around 2.3 percent.

Pilla said the village borrows long-term for assets such as fire trucks and sewers, and pays the loan back over the assets’ useful life.

“This is another way that enable Port Chester to do more, with—paying—less,” Pilla said.