Agency Upholds Town's Bond Rating

The top bond rating has been upheld by a third financial agency, citing the town's "stable economic base and prudent management."

 Fitch Ratings maintained its "AAA" rating on a total of $71.9 million in bonds previously issued by the town for its uses and for the South Huntington Water District.   

"The 'AAA' rating reflects the town's mature economic base and high residential wealth levels, strong financial operations characterized by ample reserves and strong liquidity, and low debt levels and limited future capital needs," Fitch Ratings said in a release announcing its decision. "Although the major general fund revenue sources of mortgage tax receipts and governmental aid experienced notable declines in recent years, Fitch believes the town's prudent financial management coupled with the a broad and stable tax base limits to a degree the risks associated with these two revenue sources."

 Fitch joins Standard & Poor's and Moody's in upholding the top rating for Huntington bonds. In July, based upon Moody's upholding Huntington's Aaa rating and Standard & Poor's upholding its "AAA" rating, the town said, it was able to sell its $15.3 million 2010 public improvement serial bonds at a  favorable interest rate of 2.85 percent.