Modified: September 3, 2020 3:40pm
Created: September 3, 2020 11:08am
Another Wall Street ratings agency affirms Erie County’s strong credit rating
(ERIE COUNTY, NY) – A second Wall Street ratings agency has given Erie County an AA- stable outlook credit rating. Standard & Poor’s (S&P) cited Erie County’s deficit reduction plan as one of many factors in affirming the AA- rating. This news comes just one day after Kroll Bond Rating Agency (KBRA) also affirmed Erie County’s AA- rating.
“This is great news for Erie County. It is further affirmation that my office is working collaboratively with the Poloncarz Administration to ensure we are on sound financial footing, despite many economic challenges. Declaring a deficit was the right call. It wasn’t easy. But the deficit declaration brought partners in government together to remedy it. The way we worked together to erase the deficit is one reason why Wall Street affirms Erie County’s credit ratings,” said Comptroller Mychajliw.
The Erie County Comptroller declared a deficit in early May as a result of a loss of revenue due to the impact of COVID-19. That declaration triggered a deficit reduction plan, which better allowed lawmakers to prepare for budget woes due to the pandemic. S&P pointed to that process as proof that Erie County is being a strong fiscal watchdog for taxpayers.
“Having a strong credit rating means we save you money when we go to Wall Street to conduct long-term borrowing to finance capital projects. I’m proud of our stewardship of Erie County taxpayer dollars,” concluded Comptroller Mychajliw.
For pdf of release, click HERE