Village's Bond Rating Upgraded to ‘AA+’ High Quality and Very Low Credit Risk
S&P Global Ratings has assigned ‘AA+’ High Quality and Very Low Credit Risk ratings to bonds issued by the Village of Mamaroneck. The ratings status was reported by Fiscal Advisors & Marketing, Inc., a registered municipal advisory firm that works throughout New York State. The AA+ rating comes fresh off the heels of the Village’s 2022 Distinguished Operating Budget Presentation Award from the Government Finance Officers Association (GFOA).
“This AA+ rating is the second highest rating a municipality can achieve,” said Village of Mamaroneck Mayor Tom Murphy, “It is a recognition of the prudent budgeting by the Village’s Board of Trustees, but the main credit belongs to our professional staff. The Clerk-Treasurer’s Office and the Village Manager’s Office have steered the Village through the perilous budgetary challenges of COVID-19 and the worst flooding in the Village of Mamaroneck’s history. While other municipalities cut services and broke the tax cap, the Village of Mamaroneck has increased services, grew our surplus and stayed under the tax cap. This new rating will allow the Village to borrow money for capital projects at more favorable rates, which will in turn save us all tax money.”
“Higher rated bonds are viewed as safer and more stable investments,” said Clerk-Treasurer Agostino Fusco. “This rating will consequently greatly influence interest rates, bond pricing, and investment appetite. To investors, this bond rating answers any questions about the quality and stability of the bond.”
“In this climate of higher interest rates and global economic difficulties, S&P Global’s AA+ rating has recognized the Village of Mamaroneck for its outstanding commitment to fiscal stability and awareness,” said Village Manager Jerry Barberio.
S&P Global Ratings is a globally respected credit rating agency that publishes financial research and analysis on stocks, bonds, and commodities. S&P is considered the largest of the Big Three credit-rating agencies, which also include Moody's Investors Service and Fitch Ratings. To learn more about the S&P Global, click here.
Fiscal Advisors & Marketing, Inc. (“FA”) is a registered municipal advisory firm that works throughout New York State with a team of experienced professionals, including thirteen Municipal Advisor Representatives, each skilled in various aspects of New York State local government and school district finance. To learn more about FA, click here.
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