Two credit agencies have affirmed Brookhaven’s bond rating, a move that will hold the line on interest rates the town must pay when it borrows money.
Moody’s affirmed the town’s Aa2 rating, the agency’s third-highest ranking, and Standard & Poor’s affirmed an AA+ rating, which is that agency’s second-highest ranking. Both ratings are top-tier credit rankings that the agencies said are tantamount to “very low credit risk.”
The rankings were released just before Supervisor Mark Lesko unveils his preliminary 2012 budget.
“We face some difficult challenges with the 2012 budget, but we will be vigilant in continuing to cut spending and practice fiscal discipline,” Lesko said in a statement.
According to a statement released by the town, Moody’s remarked that Brookhaven has a “solid financial position.” Standard & Poor’s commented that Brookhaven “faces near-term challenges since it has encountered declines in several of its major revenue streams, primarily mortgage taxes and landfill fees,” the town said in the statement.