S&P: Clinton Village, NY Series 2016 GO Bonds Rated 'A'; Outlook Stable
The stable outlook reflects S&P Global Ratings' opinion that Clinton's strong budgetary flexibility and liquidity provide rating stability.
"We believe we will likely not change the rating over the two-year outlook period. We, however, could raise the rating if the village's finances were to experience overall improvement. In addition, the village would need to maintain reserves at well above $500,000. Furthermore, other financial aspects of the village would have to improve and be sustained at higher levels. In addition, management taking a more-stringent approach to controlling its large debt liability, and adopting and implementing formal financial practices and policies under our Financial Management Assessment would benefit the village's rating," said S&P Global Ratings credit analyst Belle Wu. "We could lower the rating if budgetary performance were to deteriorate, causing budgetary flexibility and liquidity to weaken."
The village's faith-and-credit-GO pledge secures the bonds.
The village plans to use series 2016 bond proceeds to improve its wastewater treatment plant and fund various municipal projects.