SYRACUSE, N.Y. — Two ratings agencies have affirmed Onondaga County’s “high” bond rating.
S&P Global Ratings assigned its ‘AA’ rating with a stable outlook to Onondaga County. In handing out the AA rating, S&P noted, “The rating is supported by the county’s strong management team that implemented timely budgetary measures at the onset of the COVID-19 pandemic,” per a county news release.
The rating agency also noted Onondaga County’s “expanding and diversifying economy” as further support for its rating, the county added.
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The AA rating means that bonds sold by Onondaga County are considered “high quality and very low credit risk.”
“The COVID-19 pandemic tested us in many ways, including fiscally. Tough decisions were made, but now our community is emerging stronger than ever as we work towards our recovery.” Onondaga County Executive Ryan McMahon contended. “The momentum is on our side and that is because Onondaga County has worked tirelessly to ensure that taxpayers are protected, while making smart and strategic investments in our future. We are grateful to see S&P and Moody’s recognize our prudent fiscal management, especially during the pandemic, as we now focus on our recovery and our continued work of addressing issues like poverty, infrastructure and economic development.”
In assigning its “Aa3” rating with a stable outlook, Moody’s Investors Service wrote, “The county’s credit position is also a result of management’s ongoing efforts to manage the fiscal challenges resulting from the economic impact of the COVID-19 pandemic.” Moody’s also referenced the county’s expanding tax base, implementation of cost controls, and its position as a “commercial and economic hub for the region,” per the news release.
