Moody's Gives Rockland a Higher Bond Rating

Moody’s Investors Service has upgraded Rockland County’s general obligation bond rating from Baa2 to Baa1 with a positive outlook, citing “significant improvement in the county’s finances, vastly improved budgeting practices and a sizeable tax base with above average wealth indicators.”

“We are pleased that our measures of fiscal restraint, improved management and prospective budgetary planning have paid off,” said County Executive Ed Day in a prepared statement. “As we look to the future, we will continue to seek positive changes within the county’s financial structure, such as the ongoing streamlining of services where possible. We’re working hard every day to maintain this positive rating and keep our county moving forward.”

The county has struggled with massive debt and deficits, and has been listed as one of the most stressed municipalities in New York.

RELATED:

• Rockland $723M Budget Plan Includes 326 Layoffs
• Buyer Backs Away from Summit Park Hospital Deal
• Rockland Better But Still Among Most Fiscally Stressed Counties

According to the opinion released by Moody’s, “The positive outlook reflects our expectation that the county will continue to maintain strong budgeting practices, resulting in improved financial operations in 2015 and 2016. Additionally, management transferred the county’s mental health facility to Nyack Hospital in 2014. The county plans to close the nursing home by the end of 2015. These changes are likely to result in significant expenditure savings over time.”

The improved bond rating signifies increased stability for investors, which is expected to translate into a lower interest rate for taxpayers in the county, officials said.

Since the start of the Day Administration in January, 2014, the major rating agencies have given Rockland County two upgrades, a “positive” outlook and a “credit-positive” report, affirmations of the wise and prudent actions being taken by the administration.