WHITE PLAINS – Moody’s Investor Service has assigned an Aa1 rating to the County of Westchester’s general obligation bonds.
The rating “reflects the county’s diverse and resilient economy, which is highlighted by strong resident wealth, a sizeable corporate base, and healthy full value per capita,” the agency said in its ratings rationale statement.
“The county’s economy also continues to benefit from its proximity to New York City, which pre-pandemic, allowed it to serve as a desired hub for workers commuting into the city. Since the pandemic, the county has benefits from county commuters who now allocate more time working as spending within the county,” the Moody’s report said. The rating agency also said, “the post-pandemic changes to work patterns have further boosted the competition for housing in what was already a very competitive residential market.”
The county’s rating stable outlook “reflects the likelihood that the county will continue to produce balanced opportunities in 2022 and 2023 resulting in moderate increases to cash and reserves.”
