Standard & Poor's Ratings Services said Monday it raised to AA from AA-minus its long-term rating on Westbury Village, N.Y.'s general obligation bonds.
At the same time, S&P assigned a AA long-term rating to the village's series 2012 public improvement refunding GO bonds. The outlook is stable.
"The upgrade is based on the village's strong financial performance during a period of economic pressure and tax levy constraints," said Standard & Poor's credit analyst Ruth Shaw.
The village's full faith and credit GO pledge secures the bonds. Officials plan to use bond proceeds to refund the village's 2001 and 2004 GO bonds.
The rating reflects the village's: primarily residential nature with access to diverse employment bases in New York City and Long Island; sizable property tax base with very strong wealth and income levels; strong financial position with increasing fund reserves for the past three years; and moderate debt service carrying charge coupled with rapid amortization and limited capital needs.
Westbury, with a population estimate of 14,474, covers 2.4 square miles in the town of North Hempstead in Nassau County, about 25 miles east of New York City.