Kingston, NY- Ulster County Executive Mike Hein is pleased to announce that Standard & Poor’s has affirmed Ulster County’s AA- bond rating. This announcement comes on the heels of the release of the County Executive’s proposed budget that included a 0% tax increase. Additionally, his administration saved $10.4 million through his "Taxpayer First" initiative, which was instituted earlier this year.
The County Executive said, "It is rewarding to have the investment community continue to recognize the efforts that have gone into managing Ulster County’s finances during these difficult times. With many important financial questions still looming, I will continue to protect the interests of Ulster County taxpayers."
A strong bond rating is beneficial to 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 a AA-, one of the highest ratings Standard & Poor’s offers.