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Moody's Upgrades Port Chester to a Prestigious "Double-A" Credit

Mayor Dennis G. Pilla is proud to announce that Moody's, an independent rating agency, has upgraded Port Chester to a prestigious "Double-A" Bond Rating IN THEIR LATEST REPORT DATED february 9, 2011.
According to Moody's, the Aa3 upgrade of the village's general obligation debt portfolio factors the village's "healthy financial position." They went on in their report to further explain the upgrade rationale, "Moody's believes the village's financial position has significantly improved over the past six years and will remain strong given strong fiscal management."
Village Manager Christopher Russo stated in an email to the Board of Trustees, "According to our financial advisors, this represents the highest bond rating the Village has ever held."
Village Treasurer, Leonie E. Douglas further explained the context of Moody's upgrade, "While other municipalities were experiencing a deficit in their fund balance, the Village of Port Chester was actually adding even while the economy was in bad shape. (Moody's) thought that was amazing."
"I am proud of the solid financial foundation that we have laid," said Mayor Pilla.  "This rating upgrade not only improves the village's reputation for being well-managed, but should also reduce our cost of funds when issuing debt."
As a result of this credit rating upgrade, the village was able to secure a five-year Bond Anticipation Note at a cost of less than 1%.
The Moody's report can be viewed in its entirety on the village website, www.PortChesterNY.com.

  • March 06 2011 - Port Chester
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Profile picture for robin398
Again this information would be better served in a blog.
  • March 06 2011
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