Moody’s

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.

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 Investors Service does not change Riverhead Town's credit rating but offers positive comments about the town's fiscal condition.

Riverhead officials will head to Wall Street this summer, hoping to at least maintain the town's current credit 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.