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Moody's Investors Service has renewed its Aa3 bond rating for Amherst, citing the town's financial position, manageable debt and diverse economic base.

Supervisor Susan J. Grelick, said she was "very pleased" with the rating, one of the highest in Western New York.

In its analysis, Moody's noted that the town ended its fiscal year 2003 with a combined surplus of $10.4 million, or 14.3 percent of combined revenues, allowing it to replenish reserve funds that had been used in prior years.

The firm also said a projected $500,000 operating deficit in the sewer fund is expected to be eliminated at the end of this year because Amherst has agreed to settle its dispute with two sewer districts in Clarence.

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