GREENBURGH, N.Y. -- The town of Greenburgh recently received recognition for its financial prowess in a favorable rating by Moody’s and Standard & Poor’s. The agency gave the town a bond rating of AAA, the highest bond rating possible.
The AAA bond rating from Moody’s and the AAA bond rating from Standard & Poor’s is given to very few governments; reports have shown that only 1% of all local governments in the United States have AAA bond rating from both bond rating agencies.
"Some communities in the Hudson Valley have seen their bond rating go down recently," says Town Supervisor Paul Feiner. "The high bond rating we receive saves significant tax dollars because we are able to borrow at lower interest rates. We estimate that we will save about $300,000 because we have the AAA 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 their 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.”