Moody's Investors Service and Fitch Ratings upgrade Babylon

Wall Street agencies Moody's Investors Service and Fitch Ratings have upgraded Babylon's debt rating, the Suffolk town announced in a press release Tuesday.

Moody's upped its debt rating to "A1," while Moody's increased its rating on Babylon to "A Plus. "

Moody's has upgraded its bond rating on the town four times since October 2005.

"The upgrade to A1 reflects marked improvement of the town's financial position, including substantial growth in reserves and improved liquidity," Moody's stated. "The rating also reflects the town's mature and sizable tax base and manageable debt position. "

Moody's expects the town will maintain a satisfactory financial position, given healthy operating performance in fiscal years 2001 through 2006, with favorable results projected again in fiscal 2007.

Town Supervisor Steve Bellone said "We have improved our financial position through; reducing staff and the duplication of services, cutting spending, retiring more debt then issued, negotiating favorable contracts and budgeting conservatively. "