Suffolk County Executive Ed Romaine announced today the County received an increase in its short-term ratings from both Fitch Ratings and S&P Global Ratings.
“Suffolk County continues to implement fiscally sound policies that make our County safer and more affordable,” said Romaine. “Two separate rating agencies have increased the County’s ratings for the upcoming sale of tax anticipation notes to each agencies highest rating level for short-term borrowing notes. The increased ratings affirms our commitment of a responsible government to our residents as we will save millions of taxpayer dollars over the long-term.”
Fitch Ratings assigned an A rating to Suffolk County’s $46.8 million GO refunding serial bonds and a F-1+ rating for the County’s upcoming sale of $350 million of tax anticipation notes. The report indicates the County’s Rating Outlook is positive.
According to Fitch’s report, “the Positive Outlook reflects Fitch's expectations for the county's continued budgetary stability and maintenance of a sound reserve position.”
S&P Global Ratings assigned an AA- long-term rating to Suffolk County’s $46.8 million GO refunding bonds and a SP-1+ short-term rating to the County’s $350 million tax anticipation notes. S&P’s outlook on the long-term ratings is stable.
According to S&P’s report, the long-term rating reflects “the county's stronger management practices and financial performance that have paved the way to historical levels of reserves and budgetary flexibility heading into fiscal 2025.”