Erie County Executive Mark C. Poloncarz and Erie County Comptroller Kevin R. Hardwick jointly announced today that the global credit rating agency Fitch Ratings (Fitch) has upgraded Erie County’s credit rating from A+ to AA-, a positive change caused by the collaborative efforts of the Poloncarz administration, Comptroller Hardwick’s Office and the Erie County Division of Budget and Management.

This latest credit rating upgrade follows Standard & Poor’s (S&P) decision in August 2022 to upgrade Erie County’s credit rating from AA- to AA, with both affirmations a reflection of the growing and diverse local economy and exceptional efforts by the county’s day-to-day fiscal experts.

“This rating by an independent third party is further proof that Erie County is traveling the right path and that our fiscal health is robust thanks to the efforts of the dedicated staff members in the County Comptroller’s Office and our team who works diligently in the Division of Budget and Management,” said Erie County Executive Mark C. Poloncarz. “Our long recovery from the uncertainty that immediately followed Erie County’s red/green fiscal crisis has been successful because my administration immediately placed a focus on prudent budgeting. Comptroller Hardwick has done superb work in ensuring county cash reserves remain at appropriate levels, even when some critics of my administration’s fiscal management philosophy have proposed spending those reserves. This rating upgrade clearly displays our strategic approach to short-term and long-range budgeting. We work hard on finding the perfect balance of remaining fiscally conservative while continuing to invest in infrastructure throughout our community.”

“We are once again seeing the benefit of sound fiscal practices by my office and the Poloncarz administration pay off. Fitch’s ratings upgrade from A+ to AA- reflects the County Executive’s commitment to minimizing our debt burden and building the County’s savings account,” said Erie County Comptroller Kevin Hardwick. “What Fitch said is absolutely correct: while other places are losing population, Erie County is growing and that’s because we have made smart decisions and key investments in our local economy that are now paying off. Along with my staff, I commend the Office of Budget and Management for their hard work in this process and for their partnership in making sure Erie County maintains the strong financial position we currently enjoy.”

Fitch rated the county’s outlook “stable” to reflect their expectation that the county’s improved financial resilience resulting from management’s decisive steps to reduce spending to maintain healthy reserves in response to global pandemic related revenue losses. Credit ratings help determine the interest rate and capacity at which Erie County can borrow money; the higher the credit rating, the lower the interest rate will be for future borrowings.

For more information:

About the Erie County Division of Budget and Management, visit www.erie.gov/budget/