Rating Reaffirmed in Advance of County Bond Sale Next Month
ERIE COUNTY, NY— Erie County’s credit rating remains strong and stable heading into next month’s bond sale, evidenced by recent reaffirmations of the county’s ‘AA’ rating and Stable Outlook from S& P Global and Kroll, two of the four ratings agencies that reviews county bond ratings. Erie County has maintained an “AA, Stable Outlook” rating with S&P Global since August 2022, while the same rating has been maintained with Kroll since July 2023.
Erie County Executive Mark C. Poloncarz said, “Erie County’s finances are strong and stable, a good sign as we look forward to next month’s bond sale, and I thank S&P Global and Kroll for reaffirming that fact. A strong credit rating means that Erie County can get a better interest rate on borrowing, saving taxpayers millions of dollars and allowing for more infrastructure projects to get underway. Improving our credit rating has been a focus of my administration and that work is paying off.”
In their reaffirmation, S&P Global noted that the county’s “rating is supported by a growing economy, forward-looking financial management planning, and high reserve levels,” and that they “expect core revenue and expenditures to remain balanced, supported by active financial management and a growing tax base.” S&P also took note of Erie County’s strong overall economy, stating, “Large redevelopment projects and the new stadium are likely to anchor continued economic growth, which has been notable, with 37% growth over the past three years in total market value due to new development and appreciation in existing property valuations. We project total gross county product (GCP), employment, and income growth will outpace the state, but may lag the nation, over the next few years.”
Kroll added similar assessments in their reaffirmation, saying that,” The rating reflects Erie County, New York’s strong fiscal and financial management framework, manageable debt and fixed cost burden, fully funded pensions and prudent reserve maintenance. Resilient revenue performance and careful spending controls continue to drive favorable operating results. Ongoing economic diversification and solid tax base growth further support the rating.”
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