Riverhead Town’s bond rating has been increased by Moody’s Investor Service from an Aa3 rating to a Aa2 rating, which is the third highest rating Moody’s gives, behind Aaa and Aa1.
Obligations rated Aa “are judged to be of high quality and are subject to very low credit risk,” according to Moody’s web site.
“This is the first time Moody’s has upgraded the Town of Riverhead’s bond rating in over a decade,” town Supervisor Yvette Aguiar said in a release.
“It is another significant sign of fiscal stability,” she said. “As chief financial officer, I have stated in the past my administration has taken a proactive approach in all budget matters, from the beginning of the COVID-19 pandemic to the present.”
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