Dutchess County Again Earns AA+ Rating from S&P
County’s Bond Rating Highest in New York State
Poughkeepsie, NY… Dutchess County Government has once again earned an AA+ bond rating from Standard & Poor’s (S&P) Rating Services, the highest S&P rating among New York State county governments. S&P issued the long-term bond rating, with a stable outlook, as the County prepares to issue bonds to fund various capital improvement projects approved by the County Legislature, including the Northside Line urban trail project, highway and bridge highway improvements and capital equipment, as well as final financing for the County’s Justice and Transition Center project, slated for completion this year.
“Smart and conservative fiscal management is a vital part of what makes Dutchess County truly exceptional. Standard & Poor’s has again validated that with the reaffirmation of our AA+ bond rating,” said County Executive William F.X. O’Neil. “With a strong credit rating, we are able to move projects forward that are critical to serving our residents and deliver savings to taxpayers.”
Dutchess County had multiple strengths noted by S&P in its report reaffirming the AA+ rating, including:
- History of solid financial operations, including conservative revenue and expenditure projections;
- Well-embedded range of formalized financial policies and practices;
- Robust reserve levels;
- Broad economic profile centered on technology, tourism and higher education;
- Strong surplus in fiscal 2021;
- Manageable debt profile; and
- Use of excess reserves to pay off debt and capital pay-go.
The full S&P full report is available online.
County Executive O’Neil will highlight the County’s strong bond rating and fiscal condition, as well as discuss many of the capital projects currently underway, as part of his 2023 State of the County Address, this evening, Wednesday, March 8th at 5:30 p.m. at the Culinary Institute of America’s Marriott Pavilion, located at 1946 Campus Drive in Hyde Park. The event is open to the public and residents can RSVP at www.dutchessny.gov/rsvp or by calling (845) 486-2000.