68°
In addition, it has upgraded the county’s rating outlook to positive from stable.
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.
Officials also said that the county has benefitted from the impacts of the pandemic, which include more people commuting to work and spending within the county, as well as boosting competition in the county's already-competitive housing market.
The outlook given by the agency also anticipates that the county's economy and debt profile will remain consistent despite rising interest rates and inflation, Moody's officials said.
To improve its rating in the future, Westchester County can keep consistent operating surpluses, a structural balance between all funds, and "material and sustained growth of cash and reserves," officials said.
On the other hand, deterioration of cash or reserves as well as an inability to maintain operational balance across funds could lead the county's rating to decrease in the future, according to Moody's.
The Moody's rating comes a day after the county was assigned an "AA+" by Fitch and upgraded to a "positive" outlook from "stable."
The rating from S&P is expected this week.
Click here to follow Daily Voice White Plains and receive free news updates.
