Standard & Poor’s, Kroll Ratings Agencies Affirm County’s Good Fiscal Stewardship
ERIE COUNTY, NY— Erie County’s credit rating remains steady and solid despite the economic uncertainty forced on the nation by arbitrary federal budget cruelty, as evidenced by two credit ratings agencies (S&P and Kroll) reaffirming the county’s solid credit status today. S&P affirmed Erie County’s “AA/Positive” rating while Kroll affirmed the county’s “AA/Stable” rating. Maintaining a positive credit rating allows Erie County to borrow at a lower rate for necessary infrastructure and other expenditures, which means better terms, less interest and lower overall costs. The “AA” rating is the highest the county has had in modern history.
“My administration has worked hard to restore Erie County’s credit rating and the results are showing. While we once were rated at little more than junk status, today the county’s credit maintains AA ratings each term thanks to our fiscal prudence, long-term planning and sound management,” said Erie County Executive Mark C. Poloncarz. “Having good credit allows us to invest more in county infrastructure, building a better, stronger community for today and the future. I thank the ratings agencies for affirming the good work we are doing.”
Erie County Comptroller Kevin Hardwick added, “Our continued collaboration with our partners in government including the County Executive and the Legislature has paid off with Erie County’s excellent credit rating once again.”
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