East Hampton makes the good life a little better with US$23m bond sale

New York

AS the season for wealthy Manhattanites and Wall Street elite to gallivant on their Hamptons summer playground begins to wind down, one town - a second home to celebrities such as Martha Stewart and Jon Bon Jovi - is ramping up spending to improve its already illustrious landscape and stretch of exclusive beaches.

New York's Town of East Hampton, encompassing 70-square-miles (about 180 sq km) on Long Island's south fork, is selling US$23 million of bonds on Tuesday through a negotiated sale. The beach town is fresh off of an upgrade from Moody's Investors Service, as the credit arbiter last week raised the town one step to Aa1 - the second-highest investment grade - restoring the town to its highest rating ever, last achieved in 2003.