News Flash Home
The original item was published from 7/22/2021 7:51:41 AM to 7/23/2022 12:00:05 AM.

News Flash

News & Information - Spotlight 2023

Posted on: July 22, 2021

[ARCHIVED] Moody’s Re-Affirms Town’s Aaa Credit Rating

Color-Seal-250x250

FOR IMMEDIATE RELEASE

As a result of its excellent credit rating, the Town of Southampton received a re-funding bid for approximately $5 million of its Erosion Control District serial bonds from Fidelity Capital Markets at the rate of 0.1090% - one tenth of one percent interest. The sale went through this morning.

According to Comptroller Len Marchese, the Town has never received such a low interest rate on its debt. “This exceedingly low interest rate will result in the Town’s saving over $230,000 in interest in just the two remaining years left on these bonds.” In announcing its rating action, Moody’s Investors Service re-affirmed the Aaa credit rating it awarded the Town in February of this year.

In its Credit Opinion Update dated July 16, 2021, Moody’s reiterated 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. 

Supervisor Jay Schneiderman stated, “This current serial bond sale and re-affirmation of our Aaa rating by Moody’s is a testament to the strong financial policies and strict budgetary guidelines the Town has put in place, with the help of Comptroller Marchese and his staff.”



Facebook Twitter Email

Other News in News & Information - Spotlight 2023

Seal-512-x-512

LEAVE OFF THE LAST “S” FOR…SUMMONS

Posted on: February 1, 2023
WORK SESSION_Town Board Meetings NEW-2021

WORK SESSION Thursday, January 26, 2023

Posted on: January 18, 2023
WORK SESSION_Town Board Meetings NEW-2021

WORK SESSION Thursday, January 19, 2023

Posted on: January 18, 2023
Riverside copy

Riverside Revitalization Moves Forward

Posted on: January 5, 2023
WORK SESSION_Town Board Meetings NEW-2021

WORK SESSION Thursday, January 5, 2023

Posted on: January 4, 2023
Color-Seal-250x250

Town Maintains S&P AAA Rating (2022)

Posted on: February 18, 2022
Color-Seal-250x250

EMERGENCY ORDER # 1 UPDATED

Posted on: January 29, 2022
Tupper lift 1x1

Tupper Boathouse Gets A Lift

Posted on: June 10, 2020
PSEG Monster Poles-1-1

Rally Against 'Monster' Poles

Posted on: June 28, 2018