Back From The Bottom: Rockland Bond Rating Rises Again

NEW CITY, NY — Moody’s Investors Service has upgraded one of Rockland County’s bond ratings to Aa1 from Aa2, which means Rockland is now one of the financially strongest counties in New York State.

It's quite a change from 2012-14, when Moody's revised its outlook to "negative" and the county's credit rating stood only one level above junk bond status. The county was $240 million in debt and was running a deficit that hit $138 million by 2014.

SEE:

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• Rockland $723M Budget Plan Includes 326 Layoffs
• Governor Signs Bill Allowing Rockland To Borrow $96 Million
• Rockland Better But Still Among Most Fiscally Stressed Counties

The new Aa1 rating has been applied to Rockland's estimated $56 million in Various Purposes (Serial) Bonds, 2022 Series A.

"The upgrade to Aa1 reflects a reserve position that continues to improve. Strong management and budgeting is driving the improved reserves. The rating further reflects a significant tax base, above-average socio- economic profile and a manageable long-term liability profile," Moody's wrote in a news release.

Bond ratings define a borrower’s credit risk to lenders. The rating indicates low risk and allows Rockland to secure the lowest interest rates.

"When I was first elected to serve as County Executive, the New York State Comptroller’s Office listed Rockland as the most fiscally stressed county in the entire state and our bond rating was one step above junk status,” said County Executive Ed Day. “Now we are one of the fiscally strongest counties in the entire state.”

Rockland's fiscal stress score — something assigned annually to each county by the New York State Comptroller — has improved to 14.6 to from 41.7 two years ago.