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Standard and Poor’s IS&P) increased Rockland’s long-term bond rating by two notches (from ‘A-‘ to ‘A+’) and Moody’s Investors Service increased the rating to Rockland’s Various Purposes Bonds and Refunding Bonds and reaffirmed the County’s long-term bond rating.
As a result, the County was assigned a “positive outlook” with an A+ rating to Rockland’s Various Purposes Bonds and Refunding Bonds.
Meanwhile, Moody’s assigned Rockland an A2 rating to its Various Purposes Bonds and Refunding Bonds, noting a stable outlook and the maintenance of the A2 rating for Rockland’s long-term bonds.
“These upgrades and affirmations show that Rockland is on the right track financially,” said Day. “I vowed I would restore this county to a position of fiscal responsibility and strength; through conservative budgeting and strict fiscal discipline we are making progress.”
These bond upgrades make for the eighth and ninth consecutive upgrades since 2014, when Rockland’s bonds were rated just above junk and the county was experiencing a $138 million deficit.
Ultimately, these upgrades result in lower costs and taxpayer savings when Rockland borrows money to fund future capital projects.
According to Moody’s, Rockland’s ‘A2’ rating reflects “significantly improved reserves and liquidity driven by conservative budgeting, the closure of the county nursing home, a significant reduction in headcount and the issuance of deficit reduction bonds. The A2 rating also reflects the county's large tax base, narrow but improving financial position, strong state oversight of budgeting, and moderate debt and pension burden.”
Day noted that Rockland’s improved finances are the result of the ongoing efforts of many people.
“We thank all of our talented and hardworking county employees, who have learned to do things differently, often more efficiently," he said. “This is what fiscal responsibility leads to; Rockland County is now poised to move into the future.”
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