Westchester County Receives AAA Rating from S&P Global
Just two days after the Westchester County Board of Legislators voted unanimously to appoint Deputy County Executive Ken Jenkins as County Executive, he received some very good news Wednesday with the announcement that Westchester County continues to demonstrate its strong fiscal management and economic stability, earning a AAA bond rating from S&P Global Ratings.
According to S&P, the significant upgrade reflects “the County’s increased reserve position, supported by conservative budgeting and strong sales tax revenues in recent years.” Westchester County is the only county in New York State to receive a AAA bond rating from S&P Global Ratings.
“This is a testament to Westchester County’s thriving economy and sound financial management. Our strong ties to the New York City metro area, conservative budgeting practices, and forward-thinking strategies have positioned Westchester as a leader in economic performance,” said Jenkins:
S&P highlighted several strengths that contributed to the rating:
- “Robust economic output, tied directly into the New York City metro area, with economic metrics that exceed state and certain nationwide peers.
- “Conservative, robust budgeting strategies coupled with well-established policies and practices, with a focus on long-term capital and regular monitoring.
- “Positive performance, driven by strong sales tax collections and robust monitoring of expenses, support increased reserves and liquidity levels. With the recent surpluses, the county has eliminated its need to cash-flow borrow. Based on third-quarter projections, management expects another surplus, albeit slightly smaller than the previous year.
- “Manageable debt and liability profile, with manageable future capital needs […]”
Jenkins continued: “With robust reserves, no need for cash-flow borrowing, and manageable debt, we continue to build a brighter, more secure future for our residents. This is a moment of pride for all who call Westchester home.”
The positive rating reaffirms the County’s strong position in the municipal bond market, enabling access to lower interest rates on borrowing, which supports projects such as road repairs, park enhancements and other critical improvements.
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