Southampton Town Scores 'AAA' Rating, Again -- Lauded for 'Strong Fiscal Management'

Southampton Town has once again received a “AAA” rating from Standard and Poor’s Rating Services.

In a report issued Wednesday, S&P stated, “The Town of Southampton . . . as having very strong management and strong financial policies and practices.”

The rating indicates that S&P believes the town has a “very strong economy,” which benefits from participation in the “broad and diverse New York-New Jersey-Northeast Pennsylvania metropolitan statistical area”; very strong budgetary flexibility, very strong liquidity, strong budgetary performance; strong debt and contingent liabilities profile, and strong institutional framework, the report states.

Soon after taking office, new Southampton Town Supervisor Jay Schneiderman led a presentation team before the S&P rating analysts in their New York offices, he said.

“It was our goal to let the rating agency know that the sound practices that led to this stellar rating would not only be continued but strengthened wherever possible,” Schneiderman said.

The report also indicated that the “outlook also reflects our opinion of a town that has very strong economic factors likely to be maintained. The town’s management is strong with no changes anticipated that would likely weaken the rating.”

Leonard Marchese, Southampton Town Comptroller said Schneiderman is carrying on a legacy of financial solvency. “Jay continues the strong financial management that has been evident in the town in the past several years. His unique multi-level governmental experience, as the former East Hampton Town Supervisor and former Suffolk County Legislator provides the Town of Southampton with a strong financial manager. Together with the town board, Jay is highly capable of leading the town’s finances with prudent fiscal management.”

The S&P release also said the stable outlook reflects an expectation that the rating will not change over the next two years.

“The Triple A rating underscores our fiscal commitment to the future. We intend to maintain the highest integrity of the rating system and plan to work hard to stay on strong footing,” Schneiderman said.