Manorhaven, NY GO Bond Rating Raised Three Notches To 'AA+' From 'A+' On Stronger Financials


NEW YORK (S&P Global Ratings) March 13, 2019--S&P Global Ratings raised its 
underlying rating on Manorhaven, N.Y.'s general obligation (GO) bonds 
outstanding three notches to 'AA+' from 'A+'. The outlook is stable. 

"The upgrade reflects our view that the village's recent solid performance has 
strengthened its overall financial position, as evidenced by available fund 
balance that has grown considerably on a nominal basis and also relative to 
the size of the budget," said S&P Global Ratings credit analyst John Kennedy. 
"A new management team's emphasis on building reserves through conservative 
budgeting and targeted revenue growth has dramatically increased the village's 
flexibility to withstand potential adverse operating conditions. These efforts 
culminated most recently with a fiscal 2018 year that raised reserves to 
$885,000, above the level we consider nominally low, for the first time since 
we began rating the village's long-term debt."

Although Manorhaven plans to obtain financing for several minor capital 
projects over the next few years, S&P Global Ratings does not expect the 
additional borrowing to affect the village's overall long-term credit profile.

"The stable outlook reflects our expectation that Manorhaven will likely 
maintain available reserves around current levels, or at least in excess of 
15% of operating expenditures," added Mr. Kennedy. In addition, we believe 
multiple residential developments in progress will provide additional rating 
stability through marginal expected economic growth. Therefore, we do not 
anticipate changing the rating within the two-year outlook horizon.
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