Town of Ramapo's Credit Rating Upgraded

Rockland Daily Staff

 

After the independent rating agency, S&P Global, completed an in-depth review of the Town of Ramapo's financial condition, the Town's rating was upgraded from A+ to AA- with a stable outlook, which is a significant jump to the next highest rating category. 

In their review, S&P noted that the Town of Ramapos has "consistently positive budgetary performance with conservative budgeting; prudent management with a materially bolstered governance structure; improved internal and external transparency and improved reserves of $7.1 million in fiscal 2022, up from $778,000 in fiscal 2020; strong liquidity with moderate manageable debt; and a growing property tax base and a strong local economy."

The improved rating upgrade will allow the Town to issue bonds with reduced long-term interest rates.

 

According to the supervisor's office, the Town is now coming to the market with a bond offer of $11 million. The proceeds are dedicated to installing new sidewalks, repairing existing sidewalks, reconstruction and resurfacing of roads, and various other safety and traffic improvements. The project's main objective is to improve vehicle and pedestrian safety throughout the Town.