Oneida County’s Financial Standing Remains High
Stellar Credit Ratings Once Again Issued by Fitch, Standard and Poors and Moody’s
Oneida County remains in high financial standing as stellar credit ratings have once again been issued by the three major national credit agencies.
Fitch again rated Oneida County AA for 2018, while Standard and Poors repeated its AA- rating and Moody’s reaffirmed its A1 status.
“Strong, conservative fiscal policies of cutting spending and limiting our debt have created a strong financial foundation that allows us to invest in our community and grow our tax base,” said Oneida County Executive Anthony J. Picente Jr. “The three national credit agencies have once again confirmed our conservative approach by maintaining our stellar credit ratings.”
The agencies pointed to several exemplary county management factors that contributed to their decision.
S&P’s rating cited “strong management and good financial policies and practices” combined with “strong budgetary performance and flexibility and institutional framework” and “very strong debt and contingent liability position and liquidity.”
Fitch attributed its rating to the county’s “superior financial resilience, modest debt burden, manageable carrying costs and relatively stable local tax base.”
Both agencies continued to proclaim the county in stable financial condition.
Moody’s pointed to the county’s “large and growing tax base, large reserves on an absolute basis, affordable fixed costs and recent history of balanced operations” as the basis for its rating. Moody’s does not generally assign financial outlooks for local governments.
“In this current environment of rising interest rates, maintaining our high credit ratings with these agencies helps to mitigate any significant increases in borrowing costs that may occur,” said Oneida County Comptroller Joseph J. Timpano.