Schenectady, N.Y., October 12, 2006 — Metroplex today reported that Standard and Poors has increased the Authority’s bond rating from A to A+. Moody’s continues to assign an A2 rating to Metroplex. Both agencies issued ratings in the past week as Metroplex continues it work as the lead economic development agency in Schenectady County funded in part by a portion of the County sales tax.
The Standard and Poors increase reflects a decision to boost ratings for a number of agencies across the nation funded by sales tax. Increasingly, public agencies and authorities are using sales tax proceeds to fund capital projects. Metroplex receives ½ of 1% of the sales tax in Schenectady County. Metroplex sends 30% of the proceeds of the sales revenue directly to Towns in Schenectady County. The balance is used to fund economic development projects designed to increase jobs and tax base in Schenectady County with a special focus on downtown redevelopment.
Moody’s said the rating reflects “historic sales tax growth in the County and the County’s strengthening economy” in assigning their rating. Moody’s added that it believes, “The County’s economy will continue to strengthen as a result of economic development and a reversal of population decline. The County has seen increased economic activity over the past few years.”
Ray Gillen, Chair of Metroplex said, “This is another step forward in our efforts to increase economic activity, revenues and jobs in Schenectady County. We appreciate the strong support of the Metroplex Board and our staff for their efforts that helped result in this positive bond rating.”