Town Supervisor Ciaran Hanna announced that S&P Global Ratings released their latest report on the Town’s credit standing, affirming both the Town’s “AA+” rating and its “Stable” outlook. The Town benefits from these ratings by securing lower interest rates for future borrowing, ultimately saving taxpayer dollars.
“We are thrilled that S&P affirms our fiscally-responsible approach to budgeting, which is great news for local taxpayers and puts our Town government on solid financial footing for the future,” said Hanna. “The rating agency cited our continued commitment to conservative budgeting and our growing local economy as major factors in our strong credit standing. Looking forward, we will continue to make responsible fiscal decisions in order to keep our tax rate among the lowest in the County, enhance our quality of life, and attract families and businesses to Perinton.”
According to S&P, the affirmation of the AA+ bond rating is attributed to Perinton’s strong economy, sound financial policies and procedures, strong budgetary performance and flexibility, as well as an operating surplus, which bodes well for the Town’s future fiscal standing. Further, the report highlights the Town’s continued conservative budget practices and swift response following the spread of the coronavirus, including the ability to address potential revenue shortfalls through cost-cutting measures. Notably, almost 67% of the Town’s debt is scheduled to be retired in 10 years.
Ultimately, municipalities that boast stronger credit ratings and outlooks will receive more favorable interest rates in borrowing transactions, saving taxpayer dollars. The full analysis can be found on our website.
