The Erie County Division of Budget and Management, in conjunction with the Erie County Comptroller’s Office, has announced that the Kroll Bond Rating Agency, LLC (“KBRA”) has assigned a long-term rating of AA with a stable outlook for Erie County General Obligation Bonds. The agency had rated these bonds at AA- with a stable outlook in their 2021 report.  

“This upgrade is an affirmation of the positive course that Erie County is on, the resiliency and strength of our economy and the vision we have for the future. Our administration works hard to shape and then manage strong annual budgets that are fiscally conservative while investing in infrastructure and our community and the Erie County Comptroller’s Office is a partner in ensuring that county resources and assets are properly allocated,” said Erie County Executive Mark C. Poloncarz. “I thank Kroll for their recognition of our strong management and budgetary performance. We are moving Erie County forward and improving our community every day.”

Comptroller Hardwick stated, “I am pleased that Kroll has upgraded the County’s credit rating.   This reflects the County’s underlying fiscal health and robust financial practices.  I thank the Division of Budget and Management for their cooperation and coordination with my office in the rating review process and the County’s forthcoming 2023 bond sale.”             

In their announcement of the upgrade, KBRA noted that “the upgrade recognizes the County’s strong governance structure, diversifying economy, resilient revenue performance, and manageable fixed cost burden. The strong financial management framework is evidenced by a long-term trend of balanced budgets and continued growth in General Fund unassigned balance.”

The Kroll credit rating upgrade mirrors a similar upgrade in summer 2021 by Standard and Poor’s.

For more information:

On the Erie County Comptroller’s Office, visit https://www4.erie.gov/comptroller/ 

On the Division of Budget and Management, visit https://www3.erie.gov/budget/ 

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