Town of Southampton Garners Highest Level Moody's Rating

SOUTHAMPTON, NY - The Town of Southampton received a credit upgrade to the highest level Thursday, according to Supervisor Jay Schneiderman.

Moody’s Investors Service joins Standard & Poor’s in rating Southampton as AAA, a release said.

Schneiderman led the presentation to Moody’s; the supervisor met with S&P who later affirmed the AAA rating will not change over the next two year outlook horizon, the release stated.

According to Schneiderman, the AAA rating, the highest credit rating available, provides assurance to investors of the Town’s strong ability to repay outstanding liabilities and qualifies the town for the lowest interest rates on capital borrowing.

In a press release, Moody’s credited the town’s strengths on three key factors, including a very large and stable tax base which showed continued resilience, strong management and diversified revenue that provide for stable operations, and recent financial performance which has led to growth in its available fund balance

“I am pleased that Moody’s recognized our strong financial management team as one of the key elements associated with the upgrade,” said Supervisor Schneiderman. The Supervisor congratulated Comptroller Len Marchese and the Town Board for the excellent jobs they are doing with the Town’s finances.

“This upgrade validates the town’s financial practices including strong fiscal and management decisions of the past several years. We have strived to provide efficient public services, while maintaining fiscal constraint. I commend the Supervisor and Town Board for their continued commitment to sound fiscal policies,” Town Comptroller Leonard J. Marchese said.

The Moody’s report also stated, “Management is actively working to ensure the Town maintains its appeal for years to come.”

In addition, Moody’s recognized the significant revitalization efforts underway throughout the town as well as ongoing preservation efforts and a commitment to maintaining infrastructure, Schneiderman said.

The Moody’s report concludes, “The stable outlook reflects the expectation that the town will continue to maintain a solid financial performance and its tax base will remain extremely large and diverse.”

Schneiderman added,  “The highest credit rating and the stable outlook give us confidence as we move forward working hard for the people of Southampton.”