Town of Pittsford earns Aaa bond rating

The Town of Pittsford's bond rating has recently been upgraded to Aaa by Moody's Investor Services. Aaa is the highest rating that can be earned by a municipality. Moody's is a bond rating service that determines the credit quality of the issuer, similar to how an individual receives a personal credit score. Moody's is among the world's most respected and widely utilized sources for credit ratings, research and risk analysis. Their commitment and expertise contribute to stable, transparent and integrated financial markets, protecting the integrity of credit.

The purpose of the rating is to provide investors with a simple system of gradation by which the relative investment qualities of bonds can be noted. Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edge." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure.

Supervisor Carpenter stated "Where most communities are experiencing a downward trend, our rating has been upgraded three times in the last ten years. This rating upgrade reflects the Town of Pittsford's strong commitment to fiscal responsibility and will ensure a secure financial future for us in the long-run."

Taxpayers benefit tremendously from an excellent rating. The benefit of having a high rating is low interest rates on bond sales. In 2009 alone, the strong bond rating contributed to Pittsford taxpayers saving over $450,000 from the refinancing of an existing bond.

Pittsford's new rating continues to make it one of the consecutively highest ranking towns in New York State. Two years ago, the Town's rating was upgraded to Aa1 from Aa2. It was one of only 13 communities in New York State to achieve the Aa1 rating.