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Dinolfo Earns the “A” – Moody’s Upgrades County Credit Rating to A3 Status

Monroe County Executive Cheryl Dinolfo today announced that the bond rating agency, Moody’s Investors Service, improved Monroe County’s credit rating and affirmed the county’s positive fiscal outlook. The County will benefit from this improved rating by securing lower interest rates for future borrowing, ultimately saving taxpayer dollars.

“We are thrilled that Moody’s has upgraded our credit rating to A status for the first time in nearly a decade, which is great news for local taxpayers and puts county government on solid financial footing for the future,” said Dinolfo. “This upgrade affirms our fiscally-responsible approach to budgeting and will support my mission to keep property taxes flat and grow local jobs and our economy. Best of all, our new A3 status with a positive outlook means that there is the possibility our credit rating could be upgraded by Moody’s again soon. This is the clearest sign yet that our strong fiscal management is helping to protect local taxpayers and keeping Monroe County open for business for the long haul.”

According to Moody’s, the improvement of Monroe County’s bond rating to ‘A3’ from ‘Baa1’ is attributed to Dinolfo’s commitment to creating conservative and sound budgets while driving economic growth. Moody’s recognizes Monroe County as one of the economic engines of Upstate New York. Their analysis is based in the County’s strengthening economic development as well as a diverse and growing tax base. Moody’s declared the County’s outlook as positive based on its improved financial performance. At a time when counties are struggling with rising pension costs, Moody’s credit analysis noted Monroe County’s proactive effort to handle rising costs by making full pension payments while paying down a portion of the recent pension amortization. Ultimately, municipalities that boast stronger ratings and outlooks will receive more favorable interest rates in borrowing transactions.