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Fitch Ratings

Politics
$2.4B Westchester Budget For 2024 Signed By County Exec Latimer: Here's What's In It $2.4B Westchester Budget For 2024 Signed By County Exec Latimer: Here's What's In It
$2.4B Westchester Budget For 2024 Signed By County Exec Latimer: Here's What's In It Westchester County Executive George Latimer has officially signed the county's 2024 budget.  The budget, which totals $2.4 billion, was signed by Latimer on Monday afternoon, Dec. 11 following its passage by the Westchester County Board of Legislators earlier in the day.  According to county officials, the new budget maintains the same property tax levy as 2023, which means it is the fifth consecutive year without a levy increase.  The budget also includes additions approved by the Board of Legislator's Budget & Appropriations Committee. These additions to the …

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by Ben Crnic
News
Westchester's Bond Rating Upgraded By Fitch: 'Disciplined Financial Management' Westchester's Bond Rating Upgraded By Fitch: 'Disciplined Financial Management'
Westchester's Bond Rating Upgraded By Fitch: 'Disciplined Financial Management' Thanks to "disciplined financial management," Westchester's bond rating has been upgraded to the highest possible designation by Fitch ratings, county officials said.  The county's credit rating was upgraded by Fitch to a prestigious "AAA" credit rating, officials announced on Wednesday, Nov. 29.  County Executive George Latimer said the upgrade resulted from hard work and careful financial management.  "From day one, my administration has been committed to strong financial management, fiscal stability and prudent governance. This is a tremendous accomplishment for my a…

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by Ben Crnic
News
Westchester County Given Aa1 Bond Rating By Moody's Westchester County Given Aa1 Bond Rating By Moody's
Westchester County Given Aa1 Bond Rating By Moody's Westchester County has just received an Aa1 bond rating by Moody's Investors Service, reflecting the county's "diverse and resilient economy," according to the company. In addition, it has upgraded the county’s rating outlook to positive from stable.  Earlier Report - County's Bond Rating Outlook Upgraded By Fitch Ratings According to the report that came with the rating, the county has benefitted from "strong resident wealth, a sizeable corporate base, and healthy full value per capita," as well as a home for workers commuting to New York City, according to Moody's.&n…

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by Ben Crnic
News
'Financial Resilience': Westchester County's Bond Rating Outlook Upgraded By Fitch Ratings 'Financial Resilience': Westchester County's Bond Rating Outlook Upgraded By Fitch Ratings
'Financial Resilience': Westchester County's Bond Rating Outlook Upgraded By Fitch Ratings Westchester County's bond rating outlook has been upgraded by Fitch Ratings, a reflection of the county's "improved financial operations," officials said.  The county's bonds have been assigned an "AA+" rating by Fitch, and the county's rating outlook has been upgraded to "positive" from "stable," according to an announcement by county officials from Monday, Nov. 21.  "This is all done by good strategic planning and budgeting, we have increased the county’s unrestricted general fund balance, bolstering the County's overall financial resilience," said Westchester County Execut…

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by Ben Crnic
News
Will Westchester Residents Soon Be Paying Higher Sales Tax? Will Westchester Residents Soon Be Paying Higher Sales Tax?
Will Westchester Residents Soon Be Paying Higher Sales Tax? Despite already being one of the more heavily taxed counties in the country, Westchester homeowners and shoppers may soon see a hike in sales tax. Westchester officials are reportedly hopeful that the state will approve an increase in local sales tax which could help steady the county’s finances. However, according to a lohud report, no formal request has been made, and it is unclear how much taxes may be increased. The report states that Westchester County Executive George Latimer plans to first reach out to area business owners before he makes his formal case to New York State offici…

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by Zak Failla
Business
Westchester County Loses AAA Credit Rating Westchester County Loses AAA Credit Rating
Westchester County Loses AAA Credit Rating Westchester’s financial report card saw its credit rating cut one level by two prominent agencies. Westchester County was notified by S&P Global Ratings and Fitch Ratings that the county’s financial outlook has been downgraded to AA+.  Moody’s assigned Aa1 to Westchester, officials announced on Tuesday afternoon. The county has now lost its AAA rating - the highest ranking available - in each of the Big 3 rating agencies. Bloomberg News cited Westchester's move to "draw down its cash reserves to cover retroactive raises given to government employees" as the primary reason fo…

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by Zak Failla