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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 administration, the Westchester County Board of Legislators and the people of this great County," Latimer said.
The "AAA" rating is the highest possible designation from Fitch and is expected to help the county secure favorable interest rates when issuing bonds. This will benefit taxpayers and support investments in infrastructure and community initiatives, officials said.
In addition to the new Fitch rating, the county also received a revised outlook from S&P Global Ratings, which now rates the county as "positive" instead of "stable" and affirmed its long-term rating of "AA+" on the county's existing general obligation bonds.
"The positive outlook reflects the County's strong financial performance, prudent financial management and our ability to navigate economic uncertainties," Latimer said.
Additionally, Moody's Investors Service also announced its rating of the county's credit, affirming it as Aa1 stable, county officials said.
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