Fitch Double Upgrades Rockland Bonds to “AA+” Rating

County Executive Ed Day, County Legislature Chairman Jay Hood Jr., and Commissioner of Finance Stephen DeGroat are proud to announce that Fitch Ratings upgraded the County’s General Obligation Bond Rating from “AA-” to “AA+.” These upgraded ratings mean that when Rockland borrows money to fund capital projects, they can do so at a lower cost; saving taxpayer dollars.

“I vowed to restore Rockland to a position of fiscal responsibility and strength; through conservative budgeting and strict fiscal discipline we have achieved that,” said County Executive Day. “I applaud my employees for their dedication and hard work that transformed Rockland into one of the fiscally strongest counties in the entire state.”

“It is extremely gratifying to have outside financial experts verify that County government remains on the right track when it comes to managing our finances,” said Rockland County Legislature Chairman Jay Hood Jr. “I want to thank everyone who is contributing to our ongoing efforts to improve our credit ratings, including my Legislative colleagues, the County Executive, and our County employees.”

This rating increase follows the County completing payments of the $96 million deficit bond back in March. The rating report gave Rockland a positive outlook writing, the grade is supported by its “high midrange budgetary flexibility and a continued trend of structurally balanced operations.” The report when on to cite “new management and new financial policies, had contributed to the county’s improved financial position since 2013.”

“The upgrade to ‘AA-‘ from ‘AA+’ is the result of strong financial management followed by conservative budgetary practices,” said Commissioner of Finance Stephen DeGroat.