Moody's Investors Service said it has assigned an A3 rating to the village of Endicott, N.Y.'s $1.8 million public improvement (serial) bonds, 2014, and upgraded to A3 from Baa1 the rating on $9.1 million of outstanding parity debt.
The bonds are secured by the village'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 bond proceeds along with $235,000 of cash on hand will redeem a like amount of bond anticipation notes originally issued to finance various capital projects.
The upgrade of the village's rating to A3 reflects a positive trend in the overall financial position including increased reserve levels. The rating also incorporates the limited tax base size, with taxpayer concentration and below-average demographics, as well as a moderate debt burden.
