The rating was issued on the county's $200 million general obligation bonds. The bonds are scheduled to be sold on a negotiated basis on November 17th. Top ratings from credit agencies ensure the most competitive interest rates on bond sales.
Earlier this year, Moody's joined Fitch and Standard & Poor in reaffirming the county's 'AAA' rating, but changed the outlook to negative. Moody's cited the drawdown of the county's fund balance to dangerous levels as the reason for the negative outlook. The Board of Legislators used the fund balance to reinstate spending reductions in the county executive's proposed budget.
"This latest 'AAA' rating is particularly significant as I present a budget tomorrow that is fiscally responsible and protects the reserve fund," said Astorino. "While this announcement is good news, I urge the Board of Legislators to heed Moody's warning that any further attempts to drain the reserves could jeopardize the county's rating. Losing our 'AAA' status would pass undue costs onto taxpayers and threaten the fiscal health of the county for years to come."
Astorino commended Commissioner of Finance Ann Marie Berg, Budget Director Lawrence Soule and County Attorney Robert Meehan and their staffs for their hard work.