S&P’s acknowledges Ulster County’s "Solid Financial Position"
Kingston, NY - Ulster County Executive Mike Hein is pleased to announce that Standard & Poor’s has affirmed Ulster County’s AA- bond rating. According to Standard & Poor’s, the AA- bond rating reflects the County’s continued solid financial position, strong fund balances, low overall debt profile and a manageable capital plan.
"We continue to deliver a responsible government that both protects taxpayers and still delivers essential services," said County Executive Mike Hein.
"Even during a national recession, the County Executive’s efforts to control taxes and streamline government have allowed Ulster County to maintain this highly beneficial and strong bond rating," said Ulster County Commissioner of Finance Paul Hewitt.
A strong bond rating is beneficial to Ulster County taxpayers by reducing the overall borrowing costs associated with standard bond issues. Standard & Poor’s has assigned a bond rating of AA- to Ulster County’s upcoming bond sale. This is an affirmation of the previous AA- rating.
Standard & Poor’s 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. In 2008, Standard & Poor’s upgraded Ulster County’s bond rating by 2 steps, from an A to AA-, one of the highest ratings Standard & Poor’s offers.