New City, NY – In a significant financial achievement for Rockland County, Fitch Ratings has upgraded the County’s General Obligation Bond Rating from “AA-” to “AA+.” This notable upgrade will enable Rockland to borrow money for capital projects at a lower cost, ultimately saving taxpayer dollars.
County Executive Ed Day, County Legislature Chairman Jay Hood Jr., and Commissioner of Finance Stephen DeGroat expressed their pride in this accomplishment.
“I vowed to restore Rockland to a position of fiscal responsibility and strength; through conservative budgeting and strict fiscal discipline we have achieved that,” said County Executive Day. “I applaud my employees for their dedication and hard work that transformed Rockland into one of the fiscally strongest counties in the entire state.”
Chairman Jay Hood Jr. echoed this sentiment, stating, “It is extremely gratifying to have outside financial experts verify that County government remains on the right track when it comes to managing our finances. I want to thank everyone who is contributing to our ongoing efforts to improve our credit ratings, including my Legislative colleagues, the County Executive, and our County employees.”
This upgrade follows the County’s completion of payments on the $96 million deficit bond back in March. Fitch’s rating report gave Rockland a positive outlook, noting the county’s “high midrange budgetary flexibility and a continued trend of structurally balanced operations.” The report also highlighted that “new management and new financial policies had contributed to the county’s improved financial position since 2013.”
Commissioner of Finance Stephen DeGroat commented on the rating increase, “The upgrade from ‘AA-‘ to ‘AA+’ is the result of strong financial management followed by conservative budgetary practices.”
This double upgrade by Fitch reflects Rockland County’s commitment to fiscal responsibility and strategic financial planning, positioning it as one of the fiscally strongest counties in New York State.