NEW CITY – Moody’s Investors Service has upgraded Rockland County’s general obligation bond rating from Baa2 to Baa1, with a positive outlook, citing “significant improvement in the county’s finances, vastly improved budgeting practices and a sizeable tax base with above average wealth indicators.”
The county’s “measures of fiscal restraint, improved management and prospective budgetary planning have paid off,” said County Executive Edwin Day. “We are turning the corner financially. We are going from near default in January ’14. We now have three upgrades. We have a credit positive and we haven’t included 2015.”
The Moody’s assessment of a positive outlook “reflects our expectation that the county will continue to maintain strong budgeting practices, resulting in improved financial operations in 2015 and 2016.” The Moody’s report also said “management transferred the county’s mental health facility to Nyack Hospital in 2014. The county plans to close the nursing home by the end of 2015. These changes are likely to result in significant expenditure savings over time.”
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