News Release

February 26, 2018      

For Further Information Contact:
Colleen Pillus
(845) 486-2000
E-mail: cpillus@dutchessny.gov


Standard & Poor’s Reaffirms Dutchess County’s Strong AA+ Bond Rating
County’s Fiscal Strength Among Topics at Wednesday’s State of the County Address

Poughkeepsie, NY… Standard & Poor’s (S&P) Global Rating Services has again reaffirmed Dutchess County Government’s AA+ bond rating, one of the highest ratings in New York State for county governments.  S & P Global Ratings assigned the bond rating as the County prepares to issue new bonds to fund various capital improvement projects including County building repairs and renovation, Dutchess Community College infrastructure improvements including the new education facility at the Hudson Valley Regional Airport,  farmland preservation through the Partnership for Manageable Growth, and highway and bridge improvements.  The rating reflects the strong fiscal foundation Dutchess County Government has built over the past several years with conservative budgeting practices, three years of assessed valuation growth, low unemployment, and a healthy fund balance available to weather economic uncertainties that may arise.

Dutchess County Legislature Chairman Gregg Pulver said, “Dutchess County’s Capital Projects are carefully planned to ensure we are properly maintaining our County infrastructure and making wise investments to address the needs of our residents. It is good news that thanks to our commitment to conservative fiscal stewardship, we have been able to maintain the AA+ bond rating.  This enviable AA+ rating will help keep borrowing costs down for these necessary and important projects. ”

There is only one county statewide with a higher Standard & Poor’s bond rating.

Standard & Poor’s noted several strengths that reaffirmed the AA+ rating including:

  • Very strong economy
  • Strong management
  • Strong budgetary performance
  • Very strong budgetary flexibility
  • Very strong liquidity
  • Very strong debt and contingent liability position

 

Dutchess County Budget Director Jessica White said,   “We have been diligent in our efforts to manage costs and maximize revenues wherever possible. We have worked hard to shore up our fiscal reserves as we are cognizant that economic changes can occur quickly and unexpectedly.  Whether it is a new underfunded mandate pushed down by the state or a global shift in the economy – we are always working to be prepared to ensure stability for our taxpayers. S&P Global Ratings report and our reaffirmed AA+ bond rating validate our work.”

Outlook
Standard & Poor’s qualified its ratings for Dutchess County Government with a “stable” outlook, reflecting the strengths noted in the report and S&P’s expectation that Dutchess County will continue to maintain balanced operations that ensure budgetary flexibility remains strong.

Standard & Poor’s full report is available online.

Dutchess County Executive Molinaro will highlight the County’s fiscal strength as part of his 2018 State of the County Address, which will be held on Wednesday, February 28th at 5 p.m. at The Culinary Institute of America’s Marriott Pavilion in Hyde Park. Residents can RSVP for the State of the County address at www.dutchessny.gov/rsvp or by calling (845) 486-2000.

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    Last Updated: 7/26/2018