May 8, 2014
Oneida County Credit Rating Upgraded
S&P Upgrades Oneida County Credit Rating To AA-
County Executive Anthony J. Picente and Oneida County Comptroller Joseph Timpano announced today a raise in Oneida County’s credit rating from A+ to AA- by Standard and Poors, one of three major credit rating institutions in the United States. The other two credit rating institutions, Moody’s and Fitch maintained their ratings for the County.
County Executive Picente said of the upgrade “Today’s news from the leading credit rating agencies affirms what we have seen over the past 8 years. By being solid stewards of the tax payer’s money through conservative budgeting and managing our long term financial responsibilities we have put Oneida County on a solid fiscal path.”
Both Fitch and Standard and Poors have also given Oneida County a stable outlook.
Oneida County Comptroller Joseph Timpano said “I’m pleased with the ratings released today. We have a policy here in Oneida County to borrow responsibly while being a steward of the tax payer’s dollars with an eye on the future. That is reflected in today’s announcement which should ensure a very competitive borrowing rate and significantly reduce our cash outlay for debt."
Picente added “The agencies’ reports, point to positives we have made this past year, including the Oneida Indian Nation Settlement, continued county and state investments in Griffiss International Airport and the adjacent technology park as well as the Nano Utica Initiative. We continue to see positive growth throughout the county and that is what is truly reflected in these reports.”
Standard and Poors cited strong management, with good financial policies as a key indicator in raising the County’s credit rating.
All three companies cite a sizable tax base, manageable debt burden and careful budgeting as driving factors in arriving at their credit rating. Also all three agencies conclude the Oneida Indian Nation Settlement, the public private partnership of Quad C and Nano Utica, and the investments made in the Griffiss International Airport, Business and Technology Park as positives in their ratings.