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Dinolfo: Latest S&P Analysis Reaffirms Monroe County's "A" Credit Rating

Monroe County Executive Cheryl Dinolfo announced that S&P Global Ratings released their latest report on the County’s credit standing last week, affirming both the County’s “A” rating and its “Positive” outlook. The County will benefit from these improved ratings by securing lower interest rates for future borrowing, ultimately saving taxpayer dollars.

“Our better, lower-tax budgets are producing results for taxpayers and the credit rating agencies agree. Monroe County’s credit ratings remain all ‘A’s’ and our long-term outlook was just reaffirmed by S&P again last week,” said Dinolfo. “With all ‘A’ credit ratings today and a positive 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 S&P, the affirmation of Monroe County’s bond rating is attributed to the County’s commitment to strong budgetary performance and an operating surplus. The analysis is rooted in the County’s improved economic standing, as well as a diverse and growing tax base. Further, due to proactive payments on debt service and pension liabilities, almost 80% of the County’s debt is scheduled to be retired in 10 years. Ultimately, municipalities that boast stronger credit ratings and outlooks will receive more favorable interest rates in borrowing transactions, saving taxpayer dollars.

The affirmation of the County’s credit rating follows the upgrade from Moody’s Investors Service to an “A3 / Positive” rating for the County in 2018, while Fitch Ratings upgraded the County’s credit to ‘A’ in 2017. The County’s credit rating currently remains at “A” status as evaluated by all three major credit rating agencies.