TRIPLE A BOND RATING FOR TOWN OF MAMARONECK:
Highest Rating Possible

The Town of Mamaroneck's bond rating moved up to AAA, the highest category assigned by Moody's Investor's Services.

According to Chee Mee Hu, a Larchmont resident and Senior Vice President at Moody's, "Analysts felt there had been a significant upgrading in the Town's financial strengths." A Moody's report suggested the Town's conservative budgeting practices, financial flexibility and general fund reserve levels as factors contributing to the rating. Hu mentioned, "The debt will be repaid rapidly and that is always a credit-positive."

Supervisor Valerie O'Keeffe and the Town Board are "extremely pleased with the new rating." During Moody's interview with the Town, they indicated to O'Keeffe that fewer than 1% of the municipalities in the US get this rating. According to the Supervisor, "In Westchester there are only three," and these are in relatively affluent, homogeneous communities of Rye, Scarsdale and New Castle. "We're the entire Town of Mamaroneck from Harbor Heights to Dillon Road."

The Town's financial philosophy is "Slow and Steady Wins the Race," explains O'Keeffe, "Some people's philosophy in government is you shouldn't have much surplus. What we've done is we do keep money in the bank so we don't have to go out borrowing for emergencies," such as the blizzard of a few years back. "Moody's likes that."

O'Keeffe congratulated Town Administrator Stephen Altieri and Town Comptroller Carmine DeLuca for their excellent work on behalf of the Town. However, the celebration of the good news will have to wait. The only cold Champagne O'Keeffe could locate after the blistering weekend weather was going for $65 a bottle - hardly fitting for toasting "conservative budgeting practices."

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