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Rating agencies give Nassau County an "A" for financial recovery.(News & Numbers)
In a remarkable financial turnaround, Nassau County, New York, recently achieved A-range ratings from all three credit rating agencies. Even though it is one of the nation's largest and wealthiest counties. Nassau County flirted with bankruptcy in the hate 1990s, as its credit skipped to just one notch above junk-bond status. In 1999, the New York State Legislature approved more than $100 million in aid and imposed a fiscal oversight board.
In September, Standard & Poor's raised the county's credit rating for general obligation bonds from B to an A-minus, and Moody's raised its rating from BBB+ to A3. Fitch rates the county A-minus. All three rating agencies have upgraded Nassau County three times in the past year alone, making it the only municipality in the nation to earn so many increases in that amount of time.
"This is great news for the people of Nassau County," said County Executive Thomas R. Suozzi. "I was elected in large part with a mandate to fix the county's finances and these rating increases from respected independent agencies are continuing affirmation that Nassau County has, in their own words, made notable progress and is moving in the right direction." ...
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