NEW YORK - Moody's Investors Service said it has assigned a Aa3 rating to the town of Glenville, N.Y.'s $3.3 million public improvement refunding bonds, 2012.
The current offering is secured by the town's general obligation pledge as limited by the Property Tax Cap Act (Chapter 97 (Part A) of the Laws of the State of New York, 2011). At this time, Moody's has also upgraded to Aa3 from A1 the rating on approximately $16.5 million in outstanding bonded debt.
Proceeds of the current issue will be used to refund the town's Series 2002 bonds for an estimated net present value savings of $320,000, which represents 9.5% of refunded par.
The upgrade in the rating to Aa3 from A1 reflects the town's strong financial position, favorable tax base and a manageable debt burden with minimal future borrowing planned.