Rockland County Bond Rating Rises to AA+

Rockland County's Fitch general obligation bond rating was upgraded from an “AA-” to “AA+

The new, upgraded rating for Rockland County, which can be found on the Fitch website here, was released on May 16. The upgrade reflects the county's improved financial resilience as well as the implementation of Fitch's new U.S. Public Finance Local Government Rating Criteria. The county has the strongest economic and demographic attributes, which include a sizeable population with a large and diversified economy. And while Rockland County's population growth trends are considered weak, the unemployment, educational attainment, and median household income metrics composite stands strong in the 76th percentile of Fitch's rated local government portfolio.

Additionally, Rockland has generated annual operating surpluses since 2017 due to strong revenue performance, conservative budgeting, and management's efforts to limit expenditure growth over time. 

The county recently paid off the $96 million in deficit financing bonds issued in May 2013. The bonds were authorized by the state and required the county to remain under budgetary oversight by the State Comptroller until 2024. The county is no longer bound to make budget adjustments based on the Comptroller's recommendations, which, in addition to new management and new financial policies, have contributed to the county's improved financial position since 2013.

 An upgraded rating will allow Rockland County to borrow money to fund capital projects at a lower cost, thereby saving taxpayers money.