Moody's Investors Service said it has upgraded to Aa3 from A1 the rating on the town of Webb, N.Y.'s $2.6 million in outstanding general obligation debt.

The bonds are secured by the town'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 upgrade to Aa3 reflects the town's healthy financial position that has remained stable for the past five years, sizeable tax base rooted in the tourism industry, and modest debt burden with no plans to issue significant debt in the near term.

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