Following nearly four full years of smart, prudent fiscal management by County Executive George Latimer, Westchester County’s bond ratings now stand as ‘stable’ by all three major rating agencies.
Latimer said: “This is the result of setting a game plan and executing it – no matter what variables were thrown our way. When I took office in January 2018, our bond ratings had taken a hit and were on a path to further downgrades. We had a plan to improve them, and even when COVID-19 hit, we stuck to our plan. Improved ratings means long-term savings for County taxpayers as our fiscal health continues to progress.”
Moody’s Investors Service report states: “the stable outlook reflects the likelihood that the County will produce balanced operations in fiscal 2021 through fiscal 2022…”
Fitch Rating Agency’s report says: “fiscal improvement reflects management’s ability to eliminate its reliance on one-time budget actions….Fitch believes that the County has returned to more conservative budget practices, which is evident by recently increased recurring revenues that better align with the County’s pace of spending growth over time.”
Lastly, Standard & Poor’s Global Ratings stated: “Tenured management team and good policies and practices stabilize the County’s credit profile.”
With all three major bond rating agencies listing the County in “stable” condition, Latimer looks forward to further improving the County’s fiscal outlook as he begins his second term as County Executive.