Schenectady County Retains Aa1 Moody’s Bond Rating
Highest Rating Held by Any County in NYS
(Schenectady County, NY) 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 and will result in savings for Schenectady County taxpayers.
“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.”
Moody’s recognized the County’s substantial and diverse tax base, increased reserve levels in 2016, 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.
The County requested this rating from Moody’s for the refinancing of older, higher interest debt. In addition to the refinancing of debt, the County Legislature is using one time and first year revenue from the Casino to pay off additional debt.
“Last year the Legislature voted to use anticipated revenue from the Rivers Casino to retire existing higher interest County debt. Combined with this refinancing, we will reduce debt service costs saving taxpayers nearly $900,000 annually. These savings are evidence of our sound fiscal policies and allowed us to freeze taxes in 2017 and provide a one percent tax cut in 2018,” said Deputy Chair Philip Fields, Chair of the Committee on Ways and Means.
Joe McQueen, Director of Communications