Dutchess County’s AA+ Bond Rating Reaffirmed by S&P
Highest Rating in New York State for County Governments
Poughkeepsie, NY… Standard & Poor’s (S&P) Rating Services has reaffirmed Dutchess County Government’s strong AA+ bond rating, the highest S&P rating among New York State county governments. Standard & Poor’s issued the bond rating, with a stable outlook, as the County prepares to issue new bonds to fund various capital improvement projects, including construction of the Harlem Valley Rail Trail, Emergency Response Training Center, and Public Defender’s Office, as well as infrastructure improvements at Dutchess Stadium and various highway and bridge improvements among other projects.
“Dutchess County’s strong economy and solid financial management have again led Standard & Poor’s to assign Dutchess County its AA+ bond rating, S&P’s highest rating for any county government in New York State,” said Dutchess County Executive Marcus J. Molinaro. “Our commitment to fiscal stability has enabled us to fund critical projects that improve the quality of life for our residents while continuing to lower the tax burden.”
Dutchess County had multiple strengths noted by S&P in their report reaffirming the AA+ rating, including:
- Very strong economy
- Strong management
- Strong budgetary performance
- Very strong budgetary flexibility
- Very strong liquidity
- Very strong debt and contingent liability position
- Strong institutional framework score
S&P pointed to Dutchess County’s growing economy in its report, referencing $2.9 billion in construction currently underway with an additional $1.1 billion in the planning or development phase, and redevelopment of older industrial sites also ongoing, with mixed-use residential and retail establishments.
Standard & Poor’s full report is available here.
County Executive Molinaro will discuss the County’s financial strength tomorrow, Wednesday, February 27th, at his 2019 State of the County Address, which will be held at 5:30 p.m. at the Culinary Institute of America’s Marriott Pavilion, located at 1946 Campus Drive in Hyde Park. Residents can still RSVP for the State of the County address atwww.dutchessny.gov/rsvp or by calling (845) 486-2000.