Schenectady County Retains Aa1 Moody’s Bond Rating
For Immediate Release:
Contact: Joe McQueen
(518) 388-4772
December 13, 2016
Schenectady County Retains Aa1 Moody’s Bond Rating
Highest Rating Held by Any County in NYS
(Schenectady County) Schenectady County is pleased to announce that we have once again retained our Aa1 bond rating. The Aa1 rating is the highest rating held by any county in New York State. There are only 4 of the 57 counties with this rating.
Moody’s recognized the County’s sizeable and diverse tax base, above average socioeconomic indicators, increased reserve levels in 2015, and sound fiscal management. The Moody’s report stated, “The County’s $9.3 billion tax base is expected to remain stable given ongoing development,” and “County management is sound as demonstrated by consistent maintenance of reserves and solid operating performance.” The report also highlighted the benefits from the presence of multiple substantial GE businesses, employing 7,100 people and the new riverfront development including the opening of the Rivers Casino and Resort.
“This high rating is very difficult to achieve and maintain,” said Anthony Jasenski, Chair of the County Legislature. “Schenectady County is proud of our fiscal management strategies and unified economic development efforts that have created a growing tax base and helped us retain this strong bond rating.”
The County requested this rating from Moody’s for bonding of capital budget items including Community College campus, highway and library improvements. The Aa1 bond rating will result in savings to Schenectady County taxpayers.
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