Rensselaer County has learned its bond rating has been upgraded by Moody’s Investor’s Service. The ratings upgrade raises Rensselaer County to Aa3 from A1 and noted the county’s strong financial management. Moody’s conducted an independent review of county finances, controls and operations during 2018.
County Executive Steve McLaughlin made the announcement on Tuesday, December 18 at a press conference at the County Office Building, telling The Eastwick Press, “we appreciate Moody’s upgrading the county’s bond rating, as it recognizes strong and effective fiscal management by Rensselaer County to best protect our taxpayers, residents and needed services,”
“The upgrade to Aa3 shows Rensselaer County is an excellent choice for investors seeking to expand their business, create new jobs or chase their dreams of owning or starting a new business,” added McLaughlin.
The Moody’s announcement recognizes a diverse county tax base, “well-managed financial position with steady growth in reserves, and low fixed costs.” The upgrade moves the county into the High Grade tier of bond ratings.
“The county’s financial position is healthy and should remain so going forward,” the Moody’s report reads. “Improvement in the county’s financial position has been driven primarily by expenditure controls and conservative budgeting…”
The upgrade in the county’s bond rating will help reduce costs if the county decides to utilize bonding or refinance existing bond debt.