East Hampton Town has maintained its top-tier, AAA credit rating since 2017, according to Moody’s Investors Service. Moody’s confirmation was released before a $16.5 million sale of general obligation bonds for the town on August 15.
The bonds will finance a variety of projects such as the town-wide emergency communications system upgrade, a new records management system, a new airport fuel facility, and structural improvements to the East Hampton RECenter.
In its credit analysis, Moody’s attributed the town’s AAA credit rating to factors such as its “conservative budgeting and proactive financial management practices” as well as its “modest debt burden” and “sizeable tax base.” Moody’s also took note of the town’s ability to build reserves while lowering overall debt.
East Hampton Town Supervisor Peter Van Scoyoc said he was pleased by Moody’s findings. “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,” he said. “Our substantial financial reserves and surplus were particularly noted by Moody’s as factors that have allowed us to maintain the highest rating possible.”