"For the first time ever in the village's history, we've been given an AAA rating by Moody's," said East Hampton Village Mayor Jerry Larsen at Friday's village board meeting. The village's former credit rating was Aa1, the second-highest rating possible.
Michael LoGuercio, the village's bond consultant, said a triple A rating was not easy to achieve. "It means a lot out there to the market," he told board members. "To the investors who are going to purchase the village's bond, it means safety. This is the highest safety an investor can get, being triple A. . . . It's a great achievement."
Mr. LoGuercio said the rating will allow the village to save some money, due to the lower interest rate charged. "It probably equates to saving $50,000 to $75,000 over the life of the issue. Nothing to sneeze at," he said.
The bonds went up for sale on Tuesday. They will mostly fund heavy machinery for the fire and public works departments.
The village administrator, Marcos Baladron, and the treasurer, Dominique Cummings, accepted kudos from the mayor for their work on the budget and for lobbying Moody's on the upgrade.
"You and Dominique both deserve a round of applause," said the mayor, before the room erupted in applause.
"We're very humbled by this," said Mr. Baladron.
