Moody's Investors Service has upgraded the underlying rating on Hampton Bays Union Free School District's general obligation bonds to Aa3 from A1.

Concurrently, Moody's has removed the positive outlook.

The Aa3 rating affects $40.5 million of outstanding rated general obligation bonds. The bonds, secured by the town's unlimited property tax pledge.

The Aa3 incorporates the district's large tax base; healthy finances evidenced by growing reserve levels projected to continue into the future; and a manageable debt burden.

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