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The original item was published from 8/29/2013 10:24:25 AM to 8/29/2013 12:49:24 PM.

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Posted on: August 29, 2013

[ARCHIVED] Moody’s, S&P Give Babylon Finances High Marks

Supervisor Rich Schaffer announced today that both Standard & Poor’s and Moody’s rating services have confirmed the Town of Babylon’s high bond ratings for 2013. Standard & Poor’s Rating Services assigned its ‘AA+’ rating, its second-highest, while Moody’s confirmed its ‘Aa2’ rating, its third-highest.

These ratings indicate that Babylon has continued to effectively weather the difficult economic climate, rises in fixed costs, and declines in mortgage tax revenues while remaining in excellent financial position. High bond ratings greatly lower the Town’s borrowing costs. In fact the Town has they received an interest rate of 0.22%, saving hundreds of thousands of dollars due to the high bond ratings.

“We are proud to be recognized for continuing the sound fiscal management that has resulted in Babylon having one of the highest bond ratings on Long Island,” said Babylon Town Supervisor Rich Schaffer. “Through cost cutting measures and conservative budgeting we have been able keep taxes stable and still provide the fantastic services and facilities that Babylon residents count on and enjoy.”

Factors cited by the rating agencies in assigning the high ratings include good financial management practices, a low-to-moderate debt burden that has decreased over time, and a commitment to keeping taxes stable.

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