COLONIE, N.Y. (NEWS10) — S&P Global Ratings upped the Town of Colonie’s bond rating from “A+” to “AA-” on Thursday, citing the town’s strong conservative financial management for the upgrade. Town Supervisor Peter G. Crummey noted that this rating places the town in the “High Grade” of ratings.

“A change in administration is often cause for rating agencies to refrain from upgrading a rating so I am pleased with the bond raters’ increased faith and confidence in our Administration,” Supervisor Crummey commented in a statement. “During our meeting with the bond raters, they considered the steady hand of current Town management with the recent adoption of a well-conceived 2023 Town budget in the face of high inflation and increased energy costs, together with the fact that I plan to implement the first-ever Fund Balance Policy for our Town.”

A spokesperson for S&P said, “the upgrade reflects the improvement in the town’s reserve position through continued positive performance and our view of structural changes to budgeting and forecasting that is likely to result in financial stability.”

S&P highlighted the strong institutional framework, conservative budget practices in the development of the 2023 budget, and strong positive budgetary performance in 2022 as key factors in the upgrade.