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The original item was published from 2/18/2021 6:59:42 AM to 5/14/2021 12:00:07 AM.

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News & Information - Spotlight 2023

Posted on: February 18, 2021

[ARCHIVED] Southampton Town Continues to Maintain Highest Possible Credit Rating

MOODYS

FOR IMMEDIATE RELEASE                                                        
February 17, 2021
Contact: Supervisor Jay Schneiderman (631) 283-6055
Comptroller Len Marchese      (631) 702-1887

 

Southampton Town Continues to Maintain Highest Possible Credit Rating
Moody’s Investors Service Again Assigns Town Aaa Rating

Moody’s Investors Service has announced that the Town of Southampton has maintained its Aaa rating, the highest rating possible.
In its report dated February 16, 2021, the credit agency highlighted the Town’s credit strengths:

  • Exceptionally large and growing tax base
  • Very strong resident wealth profile
  • Consistent and robust financial performance
  • Low debt burdens

It also noted that the pandemic has had little effect on the Town’s financial health. 

According to Moody’s, “Southampton has a robust financial position consistent with its Aaa rating. The town’s financial profile has benefitted from effective management that has overseen considerable growth to cash and reserves as a result of more than a decade of operating surplus. We expect the audited results for fiscal 2020 to show a continuation of this trend and for similar consistency in fiscal 2021.” The Town was also assigned a “stable” outlook.

Importantly, Comptroller Len Marchese stated, “As a result of our recent Aaa rating and expedited timing on the issuance of this year’s bond sale, the residents of Southampton will enjoy an overall rate to maturity on 20 year bonds of 1.26%.  This is the lowest rate the Town has ever received on this length of bond duration and will result in an overall saving, compared to last year’s low rate, of an additional 1 million dollars in saved interest costs.”

“This rating is the result of continued fiscal discipline throughout Town Hall operations, and extraordinary guidance and hard work on the part of our financial staff,” said Supervisor Jay Schneiderman. “I am very proud of our Comptroller’s Office for all they have accomplished for our constituents, especially during these trying and uncertain times.”

 

                                                

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