FISHKILL – Moody’s Investors Service has upgrades the Town of Fishkills General Obligation Limited Tax and issuer rating to A1 from A3. It also assigned an A1 to the town’s Public Improvement Serial Bonds for 3018.
The rating action affects over $6 million in rated outstanding debt.
The agency said the town’s outlook remains positive.
The upgrade to A1 from A3 reflects the town’s materially improved financial position that is focused on sustainable capital infrastructure improvements, above average wealth levels, an low long-term liabilities, Moody’s said. The A1 also reflects a moderately-sized but limited local economy and tax base.
Moody’s said the positive outlook reflects the expectation that the town’s finances will remain stable in the coming 18 to 24 months and that future credit reviews will incorporate the town’s ability to continue its capital projects plan while managing its debt burden.
Town Supervisor Robert LaColla commended the town finance department staff, saying they are “dedicated stewards if the finances” in the town. He said the Moody’s rating reflects “not only their work to date to deliver cost effective service to the residents but also recognizes the positive outlook their professionalism promises for the future of the town.”
