Documents › Board of Trustees Work Session, 2026-01-14

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RATING REVIEW JANUARY 2026 U.S. Public Finance CREDIT OPINION 27 August 2024 Contacts Susanne Murray +1.212.553.1809 AVP-Analyst susanne.murray@moodys.com Thomas Jacobs +1.212.553.0131 Senior Vice President/Manager thomas.jacobs@moodys.com CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454 Village of Croton on Hudson, NY Update to credit analysis Summary Croton-on-Hudson, NY (Aa2) benefits from strong resident income and wealth levels in Westchester County, healthy finances, and above-average leverage driven by its OPEB liability. Credit strengths » Very strong resident income and wealth » Improved fund balance levels Credit challenges » Above-average leverage driven by post-employment benefits Rating outlook We do not assign outlooks to local government issuers with this amount of debt outstanding. Factors that could lead to an upgrade » Sustained decline in leverage to below 250% of revenues » Maintenance of fund balance to above 50% of revenues Factors that could lead to a downgrade » Increase in leverage to above 450% of revenues » Decline in reserves to below 25% of revenues Moody's Ratings U.S. Public Finance Rating methodology and scorecard factors The US Cities and Counties Methodology includes a scorecard, which summarizes the rating factors generally most important to city and county credit profiles. Because the scorecard is a summary, and may not include every consideration in the credit analysis for a specific issuer, a scorecard-indicated outcome may or may not map closely to the actual rating assigned. Exhibit 6 Croton-on-Hudson (Village Of) NY Measure Weight Score Economy Resident income ratio 195.5% 10.0% Aaa Full value per capita 177,085 10.0% Aa Economic growth metric -0.4% 10.0% Aa Financial Performance Available fund balance ratio 44.8% 20.0% Aaa Liquidity ratio 64.5% 10.0% Aaa Institutional Framework Institutional Framework Aa 10.0% Aa Leverage Long-term liabilities ratio 322.1% 20.0% A Fixed-costs ratio 19.6% 10.0% A Notching factors No notchings applied Scorecard-Indicated Outcome Aa2 Assigned Rating Aa2 The Economic Growth metric cited above compares the five-year CAGR of real GDP for New York-Newark-Jersey City, NY-NJ-PA Metropolitan Statistical Area Metropolitan Statistical Area to the five-year CAGR of real GDP for the US. Sources: US Census Bureau, Croton-on-Hudson (Village Of) NY’s financial statements and Moody’s Ratings 5 27 August 2024 Village of Croton on Hudson, NY: Update to credit analysis UNAUDITED TOTAL REVENUES 17,519,062 $ 19,596,476 $ 23,411,637 $ 22,011,415 $ 23,272,128 $ FUND EQUITY Nonspendable - 20,046 1,711 10,766 Restricted 1,919,180 2,030,092 2,147,580 2,334,250 2,990,270 Assigned 2,203,063 1,032,472 1,462,802 4,508,441 4,575,140 Unassigned 3,807,378 5,862,360 9,051,312 6,280,011 5,477,751 TOTAL FUND EQUITY 7,929,838 8,924,924 12,681,740 13,124,413 13,053,927 ASSIGNED & UNASSIGNED 6,010,441 6,894,832 10,514,114 10,788,452 10,052,891 FUND BALANCE AS A % OF TOTAL REVENUES 34.31% 35.18% 44.91% 49.01% 43.20% VILLAGE OF CROTON-ON-HUDSON GENERAL FUND