New AA+ Rating Is One Step From Kroll Bond Rating Agency Highest AAA Rating
New City, NY – County Executive Ed Day and Commissioner of Finance Stephen DeGroat are proud to announce that Kroll Bond Rating Agency (KBRA), a leading nationally recognized statistical ratings organization, has assigned AA+ bond rating to the County’s general obligation bonds, reflecting the County’s six-year trend of balancing operations, improving liquidity and reserves, controlled spending practices, and more.
“When I was first elected to serve as County Executive, the New York State Comptroller’s Office listed Rockland as the most fiscally stressed County in the entire state and our bond rating was one step above junk status,” said Rockland County Executive Ed Day. “This new and, without question, incredible bond rating right out of the gate by KBRA is only one step away from their highest rating of AAA, reaffirming Rockland becoming one of the fiscally strongest counties in the entire state, transforming from worst to first, in only 8 years.”
According to KBRA, “The County’s currently strong financial position demonstrates the dramatic recovery that has taken shape since fiscal year-end 2012.” The report goes on to say, “the Stable Outlook assumes that management will continue to practice the conservative budgeting and careful expenditure controls that have contributed to six successive years of positive financial performance.”
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 translates to saving money for taxpayers as it will allow Rockland to secure the lowest interest rates on borrowing for capital projects.
“I want to thank the Rockland County Legislature for their help with this accomplishment and acknowledge Rockland Finance Commissioner Stephen DeGroat and Budget Director Steve Grogan for their tireless efforts to save taxpayer dollars,” said County Executive Day.