Based on the county’s strong financial management policies, conservative budget practices, and swift action taken to mitigate revenue losses due to the COVID-19 pandemic, Standard & Poor’s Global Ratings has upped both the rating of Monroe County Long-Term Bond and its underlying AA rating (SPUR) of A + to an AA member, Monroe County Director Adam Bello announced today.
The AA- rating is the fourth highest assigned by S&P Global Ratings.
âThis is great news for County Monroe. The upgrading to AA- rating of the bonds reflects and confirms our realistic and responsible approach to budgeting and proves that this country is on a solid financial footing, âsaid Bello. âThe improved score shows that despite the challenges posed by the pandemic, the county has remained fiscally strong, disciplined and resilient. In announcing its decision, S&P specifically highlighted the sound financial practices of my administration, which position us well for the future and will allow us to continue to provide essential services and resources to our community as we recover from this emergency. public health. “
In its report, S&P called the county’s financial management “strong” – the first time this has happened in more than two decades.
In assigning AA- ratings, S&P analysts cited several key reasons for the increase, including:
- Strong financial management
- Conservative Budget Practices and a Rapid Response to the COVID-19 Crisis
- Strong fiscal performance, including operating surpluses in general and total public funds in 2020
- Very strong liquidity options
- A solid institutional framework
- A labor market that has recovered faster than state averages
- A strong property tax base and ongoing residential and commercial development projects that will drive further growth in the tax base
- Resilience projects underway that will mitigate the risk of potential flooding on the south shore of Lake Ontario
S&P Global Ratings provides an independent assessment of the country’s creditworthiness as a borrower, similar to a FICO or consumer credit rating. High bond ratings save taxpayers millions of dollars a year in interest costs associated with borrowing and refinancing bonds.