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Babylon Town bond rating is upgraded Babylon Town Supervisor Steve Bellone announced that Moody's Bond Rating Services has upgraded the Town's debt rating to 'A2' from 'A3'. In a recent statement released by Moody's, the agency states, "The upgrade to A2 reflects marked improvement of the town's financial position, including substantial growth in reserves and improved liquidity; and Moody's expectation that the Town will continue to augment reserves in line with budget growth. The rating also reflects the Town's mature and sizeable tax base and manageable debt position". Moody's expects that the Town will maintain a satisfactory financial position, given healthy operating performance in fiscal years 2001 through 2005, with favorable results projected again in fiscal year 2006. "This increase reflects my administration's commitment to conservative fiscal management," said Supervisor Bellone. "We have improved our financial position through reducing staff, cutting spending, retiring more debt then issued, negotiating favorable contracts and budgeting conservatively."
Bellone said that due to the continual improvement in Babylon's finances he and the Town board can concentrate on those initiatives that make a difference in the lives of Babylon Town residents, such as road reconstruction, downtown revitalization and improved beach and park facilities.
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