GREENBURGH, N.Y. -- Moody’s Investors Service and Standard & Poor’s have assigned Greenburgh the highest bond rating possible.
The Aaa bond rating from Moody’s and the AAA bond rating from Standard & Poor’s are given to very few governments.
Town Supervisor Paul Feiner said that about two years ago he was advised that only one percent of all local governments in the United States have a triple A bond rating from both bond rating agencies.
Some communities in the Hudson Valley have seen their bond rating go down recently, Feiner noted.
"The high bond rating we receive saves you significant tax dollars because we are able to borrow at lower interest rates," Feiner said. "We estimate that we will save about $300,000 because we have the triple A bond rating."
Moody’s indicated that the “Aaa rating reflects the town’s affluent and sizable tax base, sound financial position with strong fiscal management, low debt profile and manageable pension liability."
Standard & Poor’s rating services indicated in its report that “the stable outlook reflects our opinion of the town’s very strong financial position bolstered by its strong management practices and policies and budgetary performance, contributing to a very strong flexibility and liquidity.
Greenburgh’s very strong underlying economy, which benefits from its proximity to New York City, enhances rating stability. As such, we do not expect to change the rating in our two year horizon.”
The town is currently refinancing outstanding debt and expects to save about $600,000 on the refinancing, Feiner said. This is separate from the bond rating.
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