Town Of Oyster Bay Earns 8th Credit Rating Increase Under Saladino

OYSTER BAY, NY — The Town of Oyster Bay announced on Thursday that it earned its eighth credit rating increase since Supervisor Joseph Saladino took office in 2017.

Standard & Poor's Global Ratings upgraded the town to a AA- rating, from its A+ rating. Moody's Investors Service upgraded the town's outlook from "stable" to "positive," while maintaining its A1 rating.

"Independent Wall Street agencies continue to award the Town of Oyster Bay with upgrades for our commitment to watching the bottom line and protecting your wallet," Saladino said. "Despite inheriting a junk bond rating from the prior administration, our success and financial turnaround is topping Wall Street’s charts due to our commitment to restricting spending, paying down debt and sound financial management practices."

Since cutting property taxes in 2018, the subsequent five budgets sustained the $1.3 million property tax cut through a plan that successfully froze taxes.

Standard & Poor’s praised "the town’s robust operating performance," and a substantially improved financial position as well as "improved financial management practices."
Moody’s said the "turnaround has been both rapid and dramatic."