By Mark Scott
Buffalo, NY – The town of Amherst continues to have the area's highest bond rating.
Amherst officials learned from Moody's Investors Service Wednesday that the rating agency is preserving the town's Aa3 bond rating. Town Supervisor Susan Grelick says it's due to a variety of reasons -- chief among them $105 million in new construction in the town. She also said the dismissal of a lawsuit that would have held the town liable for cracked and shifting home foundations was another factor.
Grelick says there was some concern Erie County's fiscal problems would drag down Amherst's rating.
"We were afraid that would impact the bond rating because Moody's does look at us as a region," Grelick said. "When they see a negative outlook in the county, that's a reason for concern."
In its letter to the town, Grelick said Moody's expects Amherst will maintain a satisfactory financial position. She said the good bond rating allows the town to borrow at a lower rate for its capital projects.