Fitch Ratings Affirmed The County’s AA- Rating And Listed Its Outlook As Stable
Kingston, N.Y. – Ulster County Executive Mike Hein is pleased to announce that Fitch Ratings has affirmed Ulster County’s AA- bond rating. According to Fitch Ratings, the AA- bond rating is due to the County’s “sound budget management,” “superior budget flexibility,” “sound reserve levels” and “low long term liabilities.” Fitch Ratings also highlighted the County’s choice to “…forego the opportunity to receive higher revenues…in favor of tax relief.”
“We are pleased that Fitch Ratings has acknowledged the strong financial management of the Hein Administration to protect taxpayers, invest in infrastructure and reinvent government,” said Commissioner of Finance Burt Gulnick. “With that being said, we have turned our full attention to the 2017 budget that we expect to present additional challenges, especially with respect to healthcare costs.”
A strong bond rating is beneficial to taxpayers by reducing the overall borrowing costs associated with standard bond issues. Fitch Ratings has assigned a bond rating of AA- to Ulster County’s previous issued bonds which is an affirmation of the previous AA- rating. Fitch Ratings long-term credit ratings range from a top rating of ‘AAA’ to ‘D’ for debt issues that are actually in default and for issuers who did not meet their financial obligations. Currently, Standard & Poor’s lists Ulster County’s bond rating as AA, one of the highest ratings Standard & Poor’s offers.