Moody's Investors Service said it has upgraded the town of Irondequoit, N.Y.'s $13.8 million of outstanding general obligation debt to Aa3 from A1.
The bonds are secured by the town's general obligation pledge as limited by the Property Tax Cap-Legislation (Chapter 97 (Part A) of the Laws of the State of New York, 2011).
The upgrade to Aa3 reflects the town's strong operating performance and healthy financial position despite planned reserve draws. The rating also incorporates the town's large residential tax base, average debt and above average pension burden.
