Moody's Again Upgrades TOB Credit
by Niall Fitzgerald
The financial ratings firm Moody's Investment Services has again upgraded the Town of Oyster Bay's finances - this time to a MIG 2 rating.
"The MIG 2 rating reflects the town's improved underlying credit quality," stated Moody's in its ratings report. "Reflected in its A3 long-term rating with positive outlook and demonstrated history of market access."
The rating increase will lower the regular borrowing costs for the Town's activities, and reflects the dramatically improved financial state of the Town under the administration of Supervisor Joseph Saladino, and the Republican Town Board.
“Wall Street continues to recognize the many positive steps taken by my administration and the Town Board to fix the financial problems of the past and bring this Town back to fiscal stability," noted Saladino. "We have successfully restricted spending, significantly paid down debt and maintained a tax cut... And we’re just getting started, as we will continue to keep our promise to taxpayers by protecting their wallets while sustaining services.”