June 22, 2023

Oneida County Maintains High Financial Standing

News Photo

County Executive Anthony J. Picente Jr. today announced that Oneida County has maintained its high financial standing, having received stellar ratings from all three major national credit agencies for 2023.

Fitch again rated Oneida County AA for 2023, while S&P Global 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,” Picente said. “The three national credit agencies have once again confirmed our conservative approach by maintaining our stellar credit ratings.”

All of the agencies pointed to several exemplary county management factors that contributed to their high ratings.

Fitch, which gave Oneida County a stable outlook, said its decision reflected its expectation that the county “will maintain a high level of financial flexibility through economic cycles supported by its superior level of gap-closing capacity, including a solid level of expenditure control and high independent legal ability to raise revenues.”

S&P Global said its rating was based on the county’s “strong operating performance” and “robust sales tax revenue,” as well as its “well-embedded financial management policies and practices” and “strong operating surpluses and fund balance increases.”

Moody’s cited Oneida County’s “solid management that maintains consistent operating results, proactive expenditure controls amid uncertain operating environment” and “large and diverse tax base” as contributing factors toward its rating.

The agency said it also believes that “ongoing residential and commercial development will continue to drive growth in the economy,” pointing toward the soon-to-be-completed Wynn Hospital in Utica, the Wolfspeed Chip Fab in Marcy, the Utica University Nexus Center in Utica and the Air City Lofts and Woodhaven housing developments in Rome. Moody’s also anticipates positive economic impact in Oneida County from the future Micron facility in Onondaga County.

“Maintaining our high credit ratings with these agencies helps to sustain our bonding costs at manageable levels without experiencing huge fluctuations in our debt service payments,” said Oneida County Comptroller Joseph J. Timpano.

“It is gratifying to receive, yet again, a testament to our responsible financial management, strong local economy and diverse tax base,” said Oneida County Board of Legislators Chairman Gerald J. Fiorini, R-7, Rome.

Oneida County Partners