FOR IMMEDIATE RELEASE
July 31, 2018
Contact: Maria Lanjewar Office: (914) 742-2360
The Town of Mount Pleasant’s Credit Rating
Upgraded to “Aa1” from “Aa2”
By Moody’s Investors Service
The Town Comptroller’s Office Announces the Credit Upgrade Based on Conservative Budgeting Practices, Improving Financial Position, and a Manageable Debt Position
Mount Pleasant, NY – The Town of Mount Pleasant taxpayers received good news on July 31, 2018 when Moody’s Investors Service upgraded their credit rating to “Aa1” from “Aa2.” The upgrade has been applied to the Towns outstanding general obligation rated debt and also to a forthcoming 2018 series of bonds.
"This upgrade confirms that our conservative and practical approach to managing the operating budget has been effective," said Maria Lanjewar, Town Comptroller. "As the Town prepares to issue serial bond, it certainly is reassuring to see our fiscal practices recognized as prudent by the investment community."
In announcing the upgrade, the rating agency cited the Town’s recent trend of positive fiscal results. Results for the 2017 fiscal year indicated that revenues exceeded expenditures and, as result, the Town was able to grow its General Fund balance. Furthermore, the report makes note of a series of new budgeting and expense management procedures utilized by the administration. The Town believes its cautious approach to revenue forecasting and its ability to manage key expenditures have assisted in achieving these results and they intend to continue with this approach.
"I am pleased that Moody’s has acknowledged our hard work and the Town’s stable financial position. With the credit rating being one of the primary determinants of the interest we pay on borrowed funds, our local residents will certainly benefit from this upgrade", said Supervisor Fulgenzi. The Town’s Municipal Advisor has confirmed, a credit rating upgrade translates to a lower interest burden for local taxpayers.
A copy of the full rating report can be found on Moody’s website (https://www.moodys.com) or may be obtained by request from the Town Comptroller.