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Moody's affirms Freeport's A1 bond rating

The famous Freeport water tower, as seen from

The famous Freeport water tower, as seen from South Ocean Avenue in the village. (Sept. 27, 2011) Credit: T.C. McCarthy

Moody’s Investor Services announced Friday that it has reaffirmed the Village of Freeport’s A1 bond rating.

The Manhattan-based firm cited the village’s “manageable debt burden” and “moderate-sized tax base” in affirming the bond rating, which is its fifth-highest grade. Moody’s characterizes an A1 rating as a better-than-average rating that indicates low credit risk.

Moody’s said in a statement that Freeport’s “recent implementation of improved budgetary practices” were a factor in the decision.

The village, which is the second largest in New York, can further improve its rating by maintaining a significant tax base, Moody’s said in the statement. The rating will suffer if it dips too heavily into its reserves to balance its budget, the service said.

One of the biggest financial challenges for Freeport is village leaders’ “ability to attain financial stability despite rising spending pressures,” the service said in the statement.

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