Ulster receives top bond rating

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KINGSTON – Ulster County has received the highest rating for Bond Anticipation Notes available by Standard and Poor’s, SP-1+. 

S&P Global cited the county’s, “Strong management, with good financial policies and practices.” 

The news comes after S&P gave Ulster County a strong credit rating at AA in part due to the county’s strong fiscal responsibility and ability to respond to the economic impacts of the COVID-19 crisis earlier this year.

Despite strong economic headwinds due to the pandemic, both the BAN and a strong credit rating reaffirms the county’s ability to respond to the pandemic and economic pressures while continuing to provide superior services for residents, the report said. 

“The S&P BANs and bond rating both reaffirm the strong financial footing Ulster County has in protecting and delivering results for our residents while also validating our proactive and aggressive approach during the beginning stages of the COVID-19 pandemic,” County Executive Pat Ryan said. “Despite a year with numerous financial uncertainties, Ulster County will continue to deliver high-quality services for our residents while also ensuring the highest level of fiscal responsibility.”

The county’s continued strength in the eyes of bond rating agencies is a direct benefit to taxpayers as Ulster County maintains a very strong capacity to pay principal and interest when the notes come due. The report states that S&P Global Ratings believes that Ulster County’s proactive approach to the pandemic saved taxpayers $8.3 million. 

Last month, Ryan unveiled his 2021 executive budget. At approximately $333.8 million, the spending plan includes a zero percent increase in the tax levy and no layoffs to county employees.




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