NEW CITY – Moody’s Investor Service has upgraded Rockland County’s issuer and general obligation limited tax ratings to Aa1 from Aa2, meaning the county is one of the financially strongest counties in the state.
“The upgrade to Aa1 reflects a reserve position that continues to improve,” Moody’s said. “Strong management and budgeting is driving the improved reserves. The rating further reflects a significant tax base, above-average socioeconomic profile, and a manageable long-term liability profile.”
County Executive Ed Day said when he was first elected, the State Comptroller’s Office listed Rockland as the most fiscally stressed county in the entire state with a bond rating that was one step above junk status. “Rockland is one of the fiscally strongest counties in the entire state, literally transforming from worst to first in only eight years,” he said.
Bond ratings define a borrower’s credit risk to lenders. The top rating Rockland has achieved indicates the county is low risk to lenders, which will allow the county to secure the lowest interest rates on borrowing across the state and the country, Day noted.
