The Town of Brookhaven has received a ringing endorsement of its financial health and management practices as Moody’s Investors Service and S&P Global Ratings have both reaffirmed the town’s AAA bond rating with a stable outlook for the sixth straight year. This prestigious rating underscores Brookhaven’s strong fiscal management, prudent budgeting, and robust economic fundamentals, positioning it favorably in the municipal bond market.
Moody’s and S&P Global, two of the most respected credit rating agencies worldwide, cited several key factors contributing to their decision. These include Brookhaven’s robust local economy, effective financial management policies, and proactive conservative approach to maintaining balanced budgets. The agencies also highlighted the town’s moderate debt levels relative to its economic size and strong liquidity position as strengths supporting the AAA rating.
“The affirmation of the strong finances of Brookhaven Town is a credit to the long-term fiscal planning practices and core management team that we have instituted and kept in place for over a decade,” remarked Supervisor Dan Panico (R-Center Moriches) (pictured above). “Our stellar credit rating exceeds that of even the U.S. government. We will continue to be mindful of our finances and will be truthful with those whom we represent on the costs and challenges of running the Town”.
The AAA rating is the highest possible credit rating assigned by Moody’s and S&P Global, indicating a town’s exceptional creditworthiness and ability to meet financial obligations. This prestigious designation not only enhances Brookhaven’s ability to access capital markets at favorable interest rates but also instills confidence among investors in the town’s financial stability.
“For more than a decade, the Town’s financial position has been gaining strength” said Councilwoman Jane Bonner (R-Rocky Point) (pictured below), Finance Liaison for the Town of Brookhaven. She continued, “As a result, we have maintained our superior bond rating despite the downturn in the economy”.
The stable outlook accompanying the AAA rating reflects Moody’s and S&P Global’s expectation that Brookhaven will continue to maintain strong financial practices and prudent fiscal policies in the foreseeable future. The report also includes positive comments about the Brookhaven Industrial Development Authority. Highlights include numerous development project initiatives that provide outgoing investments in the town creating thousands of jobs and aimed at increasing revenue, effective cost controls, regular budget monitoring and a debt management policy of maintaining debt service carrying charges at 15% of expenditures or below.
Residents and community leaders have welcomed the news of Brookhaven’s reaffirmed AAA bond rating, viewing it as a validation of the town’s commitment to financial transparency and responsible governance.
“Our AAA bond rating from Moody’s and S&P is an affirmation of the strong management team that we have here in Brookhaven Town,” stated Councilman and Deputy Supervisor Neil Foley (R-Blue Point) (pictured above). He continued, “We work on a daily basis to run a very large government, in the second most populated and geographically largest town in New York State, in a very truthful and transparent manner”.
Looking ahead, Brookhaven will continue to have strong financial standing, and reserves will remain healthy over the next couple years. This will allow the Town to support initiatives that promote economic development and quality of life for residents while saving taxpayer money due to access to superior interest rates.
