Standard & Poor’s Rating Services has once again given Southampton Town the highest possible credit rating.
The AAA designation “reflects our opinion of a town that has very strong economic factors likely to be maintained” and “strong budgetary performance,” Standard & Poor’s officials said in a report Wednesday.
Southampton first received the AAA rating in June 2014, following five years of recovery from a period when the town faced multimillion-dollar deficits and escalating costs in 2009.
New Southampton Town Supervisor Jay Schneiderman, who replaced former Supervisor Anna Throne-Holst this year, said he led a presentation of the town’s finances at Standard & Poor’s offices in Manhattan shortly after taking office in January.
“It was our goal to let the rating agency know that the sound practices that led to this stellar rating would not only be continued but strengthened wherever possible,” Schneiderman said in a news release Thursday.
Standard & Poor’s also issued the town a stable outlook, reflecting an “expectation that the rating will not change over the two year outlook horizon,” the agency said.
“We intend to maintain the highest integrity of the rating system and plan to work hard to stay on strong footing,” Schneiderman said.