Fitch Ratings has reaffirmed Westchester County government with a ‘Triple A’ bond rating—the highest possible score, it was today announced. Fitch Ratings, one of the ‘big three’ credit rating agencies, cited the county’s fiscal discipline and modest debt levels as key contributing factors to the high rating and Stable Outlook.

The rating was issued on the county’s $808 million outstanding unlimited general obligation bonds. The bonds are scheduled to be sold on a negotiated basis on July 26. Top ratings from credit agencies ensure the most competitive interest rates on bond sales.

Fitch said the county’s “active management of expenses” and a “…demonstrated willingness to reduce expenditures to moderate larger budget gaps and budget conservatively” have helped Westchester County to maintain a strong credit profile.

 “As we hear about governments across the globe potentially facing insolvency, it’s more important than ever to demonstrate fiscal responsibility,” said Astorino. “This ‘Triple A’ rating is a gratifying reflection of our efforts to reign in wasteful spending and position Westchester for a strong economic future. We must continue working to find ways to do more with less, but this rating should help taxpayers feel confident in Westchester’s fiscal outlook.”

Fitch affirmed that the county’s debt levels and future capital needs are manageable in relation to the tax base. In its analysis, Fitch concluded that New York State’s newly enacted 2% property tax cap is not a significant impediment for the county given its stated plan not to raise taxes, its strong financial position, and its ability to override the law. They further cited the county’s improved finances in 2010 keyed by the 7% increase in sales tax revenues and active expense management, particularly a reduction of 465 jobs with minimal backfilling.

Astorino commended Commissioner of Finance Ann Marie Berg, Budget Director Lawrence Soule and County Attorney Robert Meehan and their staffs for their hard work.