Ramapo, NY GO Debt Rating Raised To 'AA-' On Improved Reserves; Outlook Stable

NEW YORK (S&P Global Ratings) Sept. 21, 2023--S&P Global Ratings raised its rating on Ramapo Town, N.Y.'s general obligation (GO) debt one notch to 'AA-' from 'A+'. At the same time, S&P Global Ratings assigned its 'AA-' rating to the town's roughly $11 million series 2023 public-improvement GO bonds. The outlook is stable. The rating action reflects our opinion of improved reserves to $7.1 million in fiscal 2022 from $778,000 in fiscal 2020, supported by its consistently positive budgetary performance, conservative budgeting, and influx of cash from onetime revenue due to the property sale. The town indicates it will likely not spend down reserves. "We could raise the rating further if Ramapo were to continue to demonstrate prudent financial management,

...September 21, 2023 NEW YORK (S&P Global Ratings) Sept. 21, 2023--S&P Global Ratings raised its rating on Ramapo Town, N.Y.'s general obligation (GO) debt one notch to '##-' from 'A+'. At the same time, S&P Global Ratings assigned its '##-' rating to the town's roughly $11 million series 2023 public-improvement GO bonds. The outlook is stable. The rating action reflects our opinion of improved reserves to $7.1 million in fiscal 2022 from $778,000 in fiscal 2020, supported by its consistently positive budgetary performance, conservative budgeting, and influx of cash from onetime revenue due to the property sale. The town indicates it will likely not spend down reserves. "We could raise the rating further if Ramapo were to continue to demonstrate prudent financial management, resulting in stronger reserves across all governmental funds," said S&P Global Ratings credit analyst Lauren Freire. "We could lower the rating if budgetary performance were to weaken, if reserves were to decrease materially,...

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