While CNN reports that the federal government’s credit rating with Moody’s Investors Service fell this year, East Hampton Town’s own rating remains steady. According to its latest credit report, released on Friday, East Hampton has maintained its top rating of Aaa for the ninth consecutive year.
In the report, Moody’s cited the town’s two “primary credit strengths.” First, the town’s healthy financial situation is based on sizable financial reserves, ample liquidity, and conservative fiscal management, Moody’s said. Second, with East Hampton’s status as a popular vacation destination and place for remote work, Moody’s cited the town’s “favorable and desirable location” in reaffirming the Aaa rating.
Moody’s also praised the town’s ability to address environmental risks such as extreme weather. This includes cooperating with the federal and state governments and prioritizing projects to increase the resilience of the shoreline.
In a statement, Supervisor Kathee Burke-Gonzalez thanked the town’s financial division. “This rating reflects our disciplined approach to budgeting and our long-term financial planning,” she said.
Rebecca Hansen, the town administrator, said in a statement that through strong fiscal practices, “We’ve continued to make progress on key priorities while preserving the town’s financial flexibility and long-term stability.”
