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PRESS RELEASE Feb. 26, 2019Contact: Connie Conway(631) 702-1743
The Town of Southampton continues to rate at the highest designation by Moody’s Investor Service’s with Aaa. In its annual comment about the Town, the rating agency noted “the credit position for Southampton Town is exceptional, and its Aaa rating is notably stronger than the US cities median of Aa3.”
Key credit factors include:
The report states the Town has a “robust financial position” with a cash balance slightly above the US median. The rating agency also finds Southampton Town’s economy and tax base are “exceptionally healthy” and are aligned with its Aaa rating. The total full value, $60.7 billion, in 2017, $63.7 billion in 2018 and $67. billion in 2019, is significantly above the US median.
“This latest profile gives us confidence that our conservative financial budget measures, under the leadership of Comptroller Leonard Marchese, and supported by the Town Board are working,” said Supervisor Jay Schneiderman.