Sag Harbor, N.Y., Raised by Moody's

December 2004
Bond Buyer;12/16/2004, Vol. 350 Issue 32031, p2
Trade Publication
The article provides information about Moody's Investors Service Inc.'s new step as it assigned an Al rating to the value of Sag Harbor N.Y.'s $2.85 million public improvement bonds, Series 2004 and upgraded to A1 from A2 the rating on the village's $4.59 million in parity debt, including the current issue. The bonds are secured by a general obligation unlimited tax pledge and will finance the construction of a new police department building. The upgrade to Al, Moody's said, reflects continued growth in the eastern Long Island village's affluent and residential tax base and healthy financial position, with general fund balances exceeding 25% of revenues in each of the last four years. Also factored into the assignment of the A1 rating is the below-average debt burden.


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