NEW CITY – Standard and Poor’s Rating Service upgraded Rockland County’s bond rating on Friday to BBB with a positive outlook from BBB- with a stable outlook. This is the first S&P rating upgrade for the county since 2002 and the second one since County Executive Edwin Day too office in January 2014.
Last July, Moody’s Investor Service upgraded the county’s general obligation bonds from Baa3 to Baa2 and changed the outlook on the Baa2 rating to positive from stable.
“This is tremendous news for Rockland County and one of the strongest validations yet of the progress we have made in stabilizing and restructuring our finances,” said Day. “When I took office 16 months ago, our administration faced a $138 million deficit. Since then, we’ve made the tough decisions to cut government spending, improve management and tighten procurement processes.”
Day said their work is not done “and we will continue to make substantive, fiscally responsible reforms to improve the county’s finances.”
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