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Hearken to this textSuffolk County officers hailed the information Wednesday that Moody’s Rankings raised the county’s bond ranking to A1 from A3, with the outlook remaining constructive. The improve marked the third obtained by the county from credit-rating companies since Dec. 1.
Moody’s stated that the improve to A1 “displays the county’s considerably improved monetary place pushed by sturdy gross sales tax development, conservative budgeting and sound operational oversight.”
In line with Moody’s, the A1 improve “displays a reserve place that continues to enhance after years of damaging fund steadiness, money stream borrowing to help operations and overly optimistic budgetary assumptions.”
“That is great information,” County Government Ed Romaine stated in a information launch concerning the improve. He credited his administration and its work with the Suffolk County Legislature “to ship a extra environment friendly and inexpensive Suffolk County to the taxpayers.”
Suffolk County Presiding Officer Kevin McCaffrey stated that the “financial savings in curiosity expense will profit Suffolk County residents for a few years to return.”
On Dec. 5, Fitch Rankings assigned an A ranking to Suffolk County’s $46.8 million GO refunding serial bonds and a F-1+ ranking for the County’s upcoming sale of $350 million of tax anticipation notes. On Dec. 9, S&P World Rankings assigned an AA- long-term ranking to Suffolk County’s $46.8 million GO refunding bonds and a SP-1+ short-term ranking to the County’s $350 million tax anticipation notes.
In line with Fitch’s report, “the Optimistic Outlook displays Fitch’s expectations for the county’s continued budgetary stability and upkeep of a sound reserve place.”
In line with S&P’s report, the long-term ranking displays “the county’s stronger administration practices and monetary efficiency which have paved the best way to historic ranges of reserves and budgetary flexibility heading into fiscal 2025.”
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