Moody”™s Investors Service upgraded the county”™s issuer and general obligation limited tax (GOLT) ratings from Aa2 to Aa1.
“The upgrade to Aa1 reflects a reserve position that continues to improve,” said Moody”™s. “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.”
Rockland County Executive Ed Day welcomed the upgrade as a tribute to his leadership.
“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 Day. “Now we are one of the fiscally strongest counties in the entire state, literally transforming from worst to first in only eight years.”
However, Day didn”™t take solo credit, adding, “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. Our improved financial situation will enable us to take on needed infrastructure improvements, including the completion of our new highway garage this fall.”
