The Town of Babylon announced Thursday that it had been given high financial rankings by two of the biggest rating services on the market: – Moody’s and Standard & Poor’s – for the 2013 financial year.
The S&P assigned the town a rating of “AA+,” the second-highest rating available, while Moody’s gave Babylon Town “Aa2,” the third-highest rating on their system.
In a statement, town spokespersons said the ratings “indicate that Babylon has continued to effectively weather the difficult economic climate, rises in fixed costs, and declines in mortgage tax revenues while remaining in excellent financial position.”
The higher ratings will allow the Town to lower borrowing costs, they said.
“We are proud to be recognized for continuing the sound fiscal management that has resulted in Babylon having one of the highest bond ratings on Long Island,” said Babylon Town supervisor Rich Schaffer in a statement. “Through cost cutting measures and conservative budgeting we have been able keep taxes stable and still provide the fantastic services and facilities that Babylon residents count on and enjoy.”The rating agencies said high ratings are given to organizations with good financial management, low-to-moderate debt that has decreased over time and a commitment to keeping taxes stable.