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Dinolfo's Better Budgets Yield Savings for Taxpayers: County Credit Outlook Upgraded Again

Monroe County Executive Cheryl Dinolfo announced that Monroe County’s credit ratings remain strong, according to multiple international bond rating agencies. S&P Global Ratings released their latest report on the County’s credit standing this week, affirming the County’s ‘A’ rating while upgrading its long-term outlook to ‘Positive’ from ‘Stable’. Moody’s Investors Service also affirmed their ‘A3 / Positive’ rating for the County. The County will benefit from these improved ratings by securing lower interest rates for future borrowing, ultimately saving taxpayer dollars.

“Our better, flat tax budgets are producing savings for taxpayers and the credit rating agencies are taking notice – the County’s credit ratings remain all A’s across the board and our long-term outlook was upgraded again just this week,” said Dinolfo. “Our A credit ratings affirm our fiscally-responsible approach to budgeting and support my mission to keep property taxes flat and grow local jobs and our economy. With a positive credit outlook on the horizon, Monroe County is better positioned than ever to fight for more jobs, better budgets, and stronger families across our community.”

According to both S&P and Moody’s, the improvement of Monroe County’s bond rating is attributed to the County’s commitment to fiscally-responsible budgeting and local economic growth. Both agencies recognize Monroe County as an economic driver in Upstate New York. Their analysis is rooted in the County’s strengthening economic standing, as well as a diverse and growing tax base. Ultimately, municipalities that boast stronger credit ratings and outlooks will receive more favorable interest rates in borrowing transactions, saving taxpayer dollars.

Moody’s initially upgraded the County’s credit rating to from ‘Baa1’ to ‘A3’ in February, 2018 for the first time since 2012. Fitch Ratings, the third major credit rating agency, upgraded the County’s credit to ‘A’ in July 2017. The County’s credit rating currently remains at A status as evaluated by all three major credit rating agencies.