S&P GLOBAL RATINGS AFFIRMS ERIE COUNTY’S CREDIT RATING AT AA-

Modified: October 2, 2018 2:22pm

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Date: 
10/2/18

S&P Global Ratings, an independent ratings agency, today re-affirmed Erie County’s rating at “AA-“ for the county’s 2018 general obligation bonds while at the same time affirming the same rating on the county’s existing debt. In their report S&P noted the county’s outlook is “stable”, with positive fiscal performance in 2017 paired with expected positive fiscal results in 2018 as county sales tax collection continues to exceed anticipated levels. S&P also notes that as a result of the county’s strong financial management and ability to handle potential budget stress the agency does not expect to change the AA- rating within the two-year outlook horizon. 

 

“With this report S&P has re-affirmed the positive course that Erie County is on under my administration, with solid budgeting and realistic expectations shaping strong annual budgets that grow our economy. I thank S&P for their recognition of Erie County’s strong management and strong budgetary performance, which has been noted in prior reports as well, and for noting the good financial practices and policies that have been critical to our success,” said Erie County Executive Mark C. Poloncarz.  “Our Division of Budget and Management does a thorough and meticulous job throughout the budget process and the outcome is evident, with the county able to borrow at better rates and conduct more capital projects as a result.”

 

The S&P Global Ratings report also states that Erie County’s liquidity is very strong, with strong access to external liquidity if needed, and that the county’s debt and contingent liability profile is also strong. Additionally, the county’s budgetary flexibility has strengthened in recent years due to steady budgetary performance, with fiscal year 2017 being “bolstered by strong sales tax, continued savings through staffing management and various efficiencies established by the county”.

 

For more information:

 

On the Division of Budget and Management, visit http://www2.erie.gov/budget/  

 

 

 

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