HARRISON, N.Y. -- Moody's Investors Service has upgraded the General Obligation rating of the Village of Harrison from Aa3 to Aa2 recently.
The upgrade will affect $64 million of long term debt outstanding.
The Aa2 rating incorporates the village's improved financial position, sizeable and affluent residential and commercial tax base, and a manageable debt burden with a lower than average pension liability, according to Moody's.
Moody's also forecasted the village's financial position to continue to improve over time due to the implementation of various expenditure controls and budgetary adjustments that have resulted in consecutive surpluses and increased reserves.
Moody's said Harrison could further improve its rating through significant improvement in the village's financial position or via reduction in debt burden.
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