East Hampton Village has received an upgraded bond rating from Moody’s Investor Services, resulting in almost $225,000 in savings of the refunded bond principal, according to a press release issued by the Board of Trustees on Wednesday, June 4.
Moody’s Investor Service, a bond credit rating business, has bumped the village’s bond rating from Aa2 to Aa1, citing the village’s “sizable, affluent tax base,” and its “modest debt burden,” both of which put the village in a positive financial position, stated the release.
The upgrade came after the village decided to refinance a total of $3.36 million in bonds that were issued in 2006. The savings will kick in come fiscal year 2015, where the village will save $30,756.
“The village has remained diligent in its efforts to manage its finances, and we have been very fortunate in withstanding any major impacts to our assessed home valuations and resulting tax base,” said Mayor Paul F. Rickenbach Jr. in the release. “In addition to the rating upgrade, the village is happy with the savings that will be realized from the bond refinancing.”