Moody's Investors Service said it has upgraded the town of Fishkill, N.Y.'s general obligation rating to Baa1 from Baa3, affecting the town's $6.95 million of rated GO debt outstanding.
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The upgrade to Baa1 reflects the town's strong improvement to its financial position over the last year, including the elimination of a negative operating fund balance and improvement in liquidity to the extent that it will stop the use of short-term cash flow borrowing.
The rating also incorporates a moderately sized tax base with above average wealth levels and manageable debt and pension liabilities.
