Credit analysis cites strong fiscal position and good governance practices in rating issuance.
Moody’s Investor Services (MIS) recently assigned a Aa2 rating to the Village of Croton-on-Hudson. This rating affirmed the Village’s credit rating assigned in previous years.
Regarding the Village’s financial position, the report stated, “The Aa2 issuer rating reflects the village’s strong resident income and wealth levels and strong local economy in Westchester County. The village reports ongoing redevelopment of underutilized properties that will be beneficial to the local economy. Its reserve position has been modestly improving and is trending to hold at strong levels through the end of fiscal 2025. Finally, the Aa2 reflects its slightly above average leverage position that is driven by pension and OPEB liabilities collectively. Its future capital plans are modest.”
“Just a few short years ago, Croton-on-Hudson faced unprecedented financial uncertainty due to the pandemic. Today, we have not only reduced our debt and built strong cash reserves, but have also been recognized with an excellent bond rating from Moody’s. I want to thank our Village Manager, Treasurer, and my colleagues on the Village Board for their efforts in sustaining this progress,” said Mayor Brian Pugh. “Moody’s recognition of the village’s redevelopment and expanding tax base validates our fiscal and land use policies, and is a significant endorsement of the strength and resilience of our community.”
