Old Westbury earns Aaa rating for Public Improvement Serial Bonds

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Old Westbury earns Aaa rating for Public Improvement Serial Bonds
(Photo courtesy of Old Westbury)

Old Westbury Trustee Edward Novick announced last month that the village had been assigned the top credit rating for its bonds.

Moody’s Investors Service awarded Old Westbury the Aaa rating in connection with $10 million in Public Improvement Serial Bonds and long-term underlying credit for the ongoing Water Department projects in the village.

“Having gotten this approval is a significant feather in the hat of Old Westbury,” Novick said. “The village has consistently sound financial reserves and very conservative budget management, and the village benefits from strong fiscal management, ample reserves and minimal debt.”

According to Moody’s, an Aaa rating reflects a wealthy tax base, solid reserve position driven by conservative budget management and a low debt burden.

Novick said the Aaa rating is the highest long-term rating offered by Moody’s, which rates 727 jurisdictions in New York and has assigned an Aaa rating to less than 5 percent of them.

Village Administrator Brian Ridgway said by securing the Aaa rating, the village will attract the lowest interest rates available when going to market with the competitive sale of bond next month.

During the meeting, Mayor Fred Carillo thanked Novick and the village’s management team for their efforts during the budget process.

Around the North Shore, the Town of North Hempstead was also issued an Aaa rating for  $26.4 million in Public Improvement Serial Bonds, and the Village of Mineola’s credit rating was upgraded from Aa3 to Aa2 in April.  The village’s improved reserves and liquidity as well as the village’s sizable and growing tax base were cited for the upgrade.

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