On Monday Moody’s Investor Service announced the credit rating for Rockland County has been moved from a Baa3 rating to a Baa2, moving the county from dangerously close to junk status to a positive outlook. Moody’s stated some of the reasons for the upgrade in bond status are the larger tax base, the sale of the Summit Park Hospital, and the state’s involvement in the budget that was conditional with the borrowing of $96.4 million. Legislature Chairman Alden Wolfe stated the recent cuts in employment and spending, as well as increases in taxes are paying off. Moody’s also warned the county in their report to watch finances closely in the event of a delay in the sale of SUmmit Park. According to Rockland’s Finance Commissioner Stephen DeGroat, Rockland is soon to borrow $41 million in general funds for projects and debt, but the county is on the right track to get back to a levelA bond rating. County Executive Ed Day stated the positive rating means cheaper interest rates on future loans as well as great news for the county.
Rockland’s Bond Rating Upgraded
July 29, 2014 By