Oyster Bay Earns 8th S&P Credit Rating Increase
By Mark Demetropoulos
The bond rating agency Standard & Poors (“S&P”) has just raised the credit rating of the Town of Oyster Bay for the eighth (8th) time in the past six (6) years. The Town’s improved credit rating means lower borrowing costs – and more savings for Oyster Bay’s taxpayers.
The eight credit rating increases coincide with the 2017 election of Supervisor Joe Saladino (R- Massapequa) and his new team on the Oyster Bay Town Board.
The credit rating increase was issued by Standard & Poor’s Global Agency (S&P) rating agency. S&P gave Oyster Bay an upgraded rating from an A+ to an AA- rating. S&P praised Oyster Bay’s “robust operating performance,” which were credited to the town’s much “improved financial management practices” under Saladino.
In addition, Moody’s Investor Service rating agency also gave Oyster Bay’s improved credit ratings, and were quoted as saying that the town’s “turnaround has been both rapid and dramatic.” Moody’s gave an upgrade of “positive” from their previous classification of “stable.” And declared that the town has been able to currently maintain an A1 rating.
“Independent Wall Street agencies continue to award the Town of Oyster Bay with upgrades for our commitment to watching the bottom line and protecting the citizens of Oyster Bay’s wallets,” stated Supervisor Saladino. "Our success and financial turnaround is topping Wall Street’s charts due to our commitment to restricting spending, paying down debt and sound financial management practices."
Saladino was delighted by the news which began with him taking over as Town Supervisor six years ago.
The solid fiscal policies implemented by Saladino and his team have allowed for property taxes cuts, starting in 2018 and then continuing thereafter for five town budgets, which were able to provide $1.3 million in property tax cuts for Oyster Bay's homeowners.