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Moody's Reaffirms Huntington’s Bond Rating

By: 
Adina Genn (Editor)
Publication: 
Huntington Patch
Town receives AAA bond rating
Apr
23
2014

The Town of Huntington has received a AAA bond rating from Moody’s Investors Service.

Moody's upheld the Town of Huntington’s AAA rating on its $125 million in general obligation debt, following a review based on new methodology the ratings service established in January, according to the town.

“I am gratified that Moody’s continues to recognize, even under its more stringent criteria, that Huntington’s fiscal policies remain sound and that taxpayers and investors can continue to be confident in the Town’s financial health,” Supervisor Frank P. Petrone said, in a press release.

In reaffirming the rating, Moody’s cited the Town’s “solid financial position with currently healthy reserves,” “wealthy tax base” and “low debt burden with a manageable capital program.”

Moody’s also cited the Town’s “large, diverse economic and employment base” and “strong reserves and liquidity” as strengths, according to the town. Moody’s noted that the 2014 town budget included “conservative budgeting for economically sensitive revenues,” including mortgage tax revenues.

Moody’s confirmation of the town’s AAA rating followed a January announcement in which the company said it was altering its rating methodology and placing 256 local governments nationwide, including Huntington, on review for possible ratings changes based on the new criteria, according to the town. The new procedure changed the weighting for certain factors and provided for the factors to be evaluated quantitatively instead of qualitatively.

Of those 256, Huntington was one of three local governments in New York State with AAA ratings and the only one of the three to maintain the AAA rating after the review.