Moody's assigns Aa2 to Croton-On-Hudson, NY's GOs

New York, November 22, 2019 -- Moody's Investors Service has assigned a Aa2 rating to the Village of Croton-On-Hudson, NY's estimated $3.5 million Public Improvement (Serial) Bonds, 2019. Moody's currently
maintains a Aa2 issuer rating and general obligation limited tax (GOLT) rating on the village. The issuer rating is equivalent to the village's hypothetical general obligation unlimited tax rating (GOULT); there is no debt associated with the GOULT security.

The Aa2 issuer rating reflects a modestly sized tax base with a solid socio-economic profile; strong financial position; and above average unfunded liabilities. We consider the outstanding debt to be GOLT because of limitations under New York State law on property tax levy increases. The lack of distinction between the GOLT rating and the Issuer rating reflects the village board's ability to override the property tax cap and the faith and credit pledge in support of debt service.