Standard & Poor’s has raised its long-term rating on the village of Nyack, N.Y.’s general obligation debt to A from A-minus. The outlook is stable.
“The upgrade is due to two consecutive general fund surpluses that have eliminated the deficit, coupled with a general fund projection that shows surpluses through fiscal 2015,” said analyst Hilary Sutton.
The rating also reflects the village’s access to employment opportunities in the New York City metropolitan area, stable property tax base, moderate debt and improved general fund position.
Offsetting these factors is a history of weak financial operations coupled with low cash levels. Nyack is on the Hudson River, about 20 miles northwest of New York City and close to the Tappan Zee Bridge.