For Immediate Release:
Contact: Joe McQueen
December 9, 2015
Schenectady County Retains Aa1 Moody’s Bond Rating
Highest Rating Held by Any County in NYS
(Schenectady County) Schenectady County is excited to announce that we have once again retained our Aa1 bond rating. The Aa1 rating is the highest rating held by any county in New York State. There are only 4 of the 57 counties with this rating.
Moody’s recognized the County’s sizable and diverse tax base, above average socioeconomic indicators, satisfactory reserve levels, and a favorable sales tax trend. The Moody’s report stated, “The County’s $9.2 billion tax base is expected to remain stable given ongoing development,” and “County management is sound as demonstrated by consistent maintenance of reserves and solid operating performance over the past two years.” The report also highlighted the benefits from the presence of multiple substantial GE businesses, employing 6,300 people.
Anthony Jasenski, Chair of the County Legislature said, “This high rating is very difficult to achieve and maintain, and Schenectady County is proud of our strong fiscal management and economic development efforts that helped us retain this strong bond rating.”
The County requested this rating from Moody’s for bonding of capital budget items including County Courthouse, highway and County Airport improvements. The Aa1 excellent bond rating will result in savings to Schenectady County taxpayers.
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