MONTGOMERY – Moody’s Investor Service has issued the Town of Montgomery an Aa2 issuer rating for their upcoming public improvement bond that will pay for a new town highway department facility and consolidate past debt.
“The Town of Montgomery Aa2 credit profile reflects the town’s strong financial profile, a growing tax base, solid wealth and a low debt burden,” Moody’s said. “Governance considerations are also a key consideration of the credit profile, with sound risk management and adequate financial strategy.”
Town Supervisor Brian Maher said the credit opinion “shows our residents the town’s finances are in very god shape.”
Moody’s also took notice of the town not utilizing fund balance for operational expenses.
The town will be issuing a $7.7 million public improvement bond. Out of that, $4.5 million will be set aside for the new highway garage and the balance toward consolidating past town debt related to water and sewer investments from many years ago.