County officials announced on Wednesday that Moody’s Investors Service rated Rockland’s Tax Anticipation Notes (TANs) MIG 1, the highest short-term rating assigned by Moody’s to Notes. This is a first for Rockland County since its severe deficit position in 2011 and comes on the heels of its seventh consecutive bond rating increase in March.
“This rating is great news for Rockland County,” said County Executive Ed Day. “It just speaks to exactly what Moody’s said, the accuracy of our projections and budgeting has led to an improving financial position. Plain and simple, this is a win for taxpayers.”
The upgrade report from Moody’s gave Rockland a stable financial outlook and noted that, “the stable outlook reflects our expectation that reserves and liquidity will continue to improve in the near-term driven by strong budgeting [and] careful expense management.”
“That will only happen if we stay the course and continue what we have been doing all this time. We spend our money like the residents of this county spend theirs. We are conservative, we do not take unnecessary risk with people’s money, we will not engage in nor allow for a reckless return to the budgeting practices of the past,” said Day.
For a $60 million Tax Anticipation Note the difference between a MIG 1 rating and our previous rating (unrated) is a savings of approximately $90,000 on debt service, according to Rockland Commissioner of Finance Stephen DeGroat.
“The current rating of our Notes to MIG 1 will now allow many institutional investors to purchase our paper. Many institutional investors are restricted from purchasing non-rated paper,” said Commissioner of Finance DeGroat.
Moody’s also reaffirmed Rockland County’s A2 Bond Rating and noted a stable outlook.
COUNTY PRESS RELEASE