Rating Action: Moody's assigns Aaa to Eastchester, NY's GOLT BondsGlobal Credit Research – 19 Aug 2022New York, August 19, 2022 — Moody's Investors Service has assigned a Aaa rating to the Town of Eastchester, NY's estimated $4.3 million Public Improvement Serial Bonds – 2022. Moody's currently maintains a Aaa issuer rating and general obligation limited tax (GOLT) rating. The issuer rating is equivalent to the town's hypothetical general obligation unlimited tax (GOULT) rating; there is no debt associated with the GOULT security. The town will have approximately $16 million in GOLT bonds outstanding post sale. The outlook is stable.RATINGS RATIONALEThe Aaa issuer rating reflects a strong financial position benefiting from conservative budgeting and strong operational oversight. The rating also reflects a large wealthy tax base in the New York City metro area. Long-term liabilities are manageable.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 Aaa GOLT rating and the Aaa issuer rating reflects the town board's ability to override the property tax cap and the faith and credit pledge in support of debt service.RATING OUTLOOKThe stable outlook reflects expectation of continued strong operations given prudent management.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING- N/AFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING- Material decline in reserves and liquidity- Significant increase in long-term liabilities- Deterioration of taxable valuation and income and wealth metricsLEGAL SECURITYPayment of principal and interest on the town's general obligation bonds is backed by the town's faith and credit supported by the town's authority to levy such ad valorem property taxes as may be necessary to pay the bonds, as limited by New York State's legislative cap on property taxes (Chapter 97 (Part A) of the Laws of the State of New York, 2011).USE OF PROCEEDSThe bonds, along with an estimated $197,000 in cash, will be used to pay down an estimated $2.7 million in BANs while providing an estimated $1.8 million in new financing for various capital projects across the town.PROFILEEastchester is a town located in Westchester County 20 miles north of New York City (Aa2 stable). The town encompasses the villages of Tuckahoe (A1) and Bronxville (Aaa stable) as well as a number of unincorporated areas.METHODOLOGYThe principal methodology used in this rating was US Local Government General Obligation Debt published in January 2021 and available at https://ratings.moodys.com/api/rmc-documents/70015. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the issuer/deal page for the respective issuer on https://ratings.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://ratings.moodys.com/documents/PBC_1288235.Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating. 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