Bond ratings

Riverhead Town’s credit rating has been affirmed at Aa2 by Moody’s Investors Service, and notes issued by the town this month were given Moody’s top rating for short-term obligations. The ratings mean favorable credit terms when the town borrows money for public improvements.

The credit rating agency S&P Global Ratings has upgraded Suffolk County’s bond rating from 'BBB+' to 'A-' with a positive outlook, Suffolk County Executive Steve Bellone announced yesterday. Both S&P and Moody's have revised the county's fiscal outlook to positive.

Riverhead Town’s credit rating has been upgraded by Moody’s Investors Service from Aa3 to Aa2. The town's rating was downgraded from Aa2 to Aa3 in 2015.

Moody’s Investors Service assigned an Aa3 rating to the town’s $5.6 million public improvement serial bonds and the refunding of $34.55 million in existing debt.

Riverhead Town is in a “solid financial position,” according to Moody’s Investors Service, which issued its annual comment on the Town of Riverhead’s fiscal outlook earlier this month. The town retained its Aa3 rating.

Moody's cites depleted reserve fund as lead factor in downgrade of Riverhead's bond rating from Aa2 to Aa3 and tax base growth on Route 58 and in downtown areas as factors in maintaining the Aa rating.