NEW CITY – Moody’s Investors Services increased Rockland County’s bond rating from Baa1 to A2. That is the county’s seventh consecutive bond upgrade since 2014, when the county’s bonds were rated just above junk and Rockland had a $128 million deficit.
The upgrade report from Moody’s gave the county a stable financial outlook and noted that “the stable outlook reflects our expectation that reserves and liquidity will continue to improve in the near-term driven by strong budgeting [and] careful expense management.”
County Executive Edwin Day said his administration spends “our money like the residences of this county spends theirs. We are conservative, we do not take unnecessary risk with people’s money, we will not engage in nor allow for a reckless return to the budgeting practices of the past.”
Rockland has saved between $3 million and $5 million in debt since 2014. “That is equivalent to a three to five percent property tax increase that did not happen due to our fiscal responsibility,” said Day.
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