ERIE COUNTY’S FITCH CREDIT RATING REMAINS AT A+

Modified: September 28, 2018 3:53pm

Latest News

  • New pilot program will be first of its kind in NYS outside New York City

     

    Area restaurants will be added to senior dining program; allows participating seniors to choose a venue and meal each day

    October 17, 2018 1:51pm
  • Dual Port station at Chestnut Ridge will provide free electric car charging

    October 16, 2018 3:10pm
  • Plan is intended to establish a framework for preservation, enhancement of existing system

     

    Public comment period follows stakeholder meetings at county parks, Parks User Survey  

    October 16, 2018 9:32am
  • Balanced 2019 proposal includes property tax rate cut of 2%, largest decrease in over a decade

     

    Enhances public health, senior protections; preserves and strengthens the People’s Mandates  

     

    Funding for SUNY Erie, libraries, arts & cultural groups, public art would increase; proposal also includes $32 million for road & bridge investments, $3.2 million for capital improvements in Parks

    October 12, 2018 12:45pm
  • Poloncarz, Higgins announce grants from U.S. Department of Justice, U.S. Department of Health and Human Services

     

    Funding to be used to support existing Erie County Opioid Epidemic Task Force projects,

     implement Probation Opioid Response Initiative, Opioid Overdose Review Board

     

    October 9, 2018 3:42pm

For press releases from other years, please click on one of the following links:

Date: 
9/28/18

The Erie County Office of Budget and Management today announced that Wall Street rating agency Fitch Ratings (“Fitch”) has affirmed Erie County’s “A+” credit rating and pronounced the county’s rating outlook as “stable” in the county’s most recent ratings assessment, released by Fitch earlier today. The rating reflects on Erie County’s Issuer default rating, the county’s soon-to-be-issued 2018 bonds and other bond issues from 2012 and 2014-16. Among the drivers behind the A+ rating, Fitch anticipates that county general fund revenues will continue to grow as the tax base continues a slow and steady expansion and improvements in the local economy drive sales tax growth. Fitch also notes that the county’s long-term liability burden is low compared to the economic resource base.

 

“Having this A+ rating reaffirmed by Fitch underscores the work we are doing every day to budget wisely and be careful stewards of the taxpayers’ money. It is good to hear from an independent agency such as Fitch that Erie County has stable financial operations and an improving economy, the results of my administration’s prudent budgeting and strong financial discipline,” said Erie County Executive Mark C. Poloncarz. “I was elected Erie County Comptroller in 2005 to clean up the mess relating to the Red/Green fiscal crisis and county fiscal mismanagement, and under my watch we are not going back to those bad old days.  Now as County Executive I have overseen the path back to county budgetary responsibility since that time, and for Fitch to affirm our A+ rating once again underscores our hard work through the years.”

 

Fitch’s report can be read here.

 

 

 

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