Mineola, NY: Nassau County government’s ability to reduce costs, reduce borrowing and conservative estimates on sales tax led Fitch Ratings to maintain its A+ credit rating on County borrowings, Nassau County Comptroller George Maragos announced today. The A+ rating saves taxpayers money by securing a favorable interest rate for any borrowing.
"Fitch has acknowledged the County’s financial progress made through cost cutting, labor savings and restructuring of operations in affirming the County’s A+ bond rating," Comptroller Maragos said. "This is the fifth consecutive A+ rating for the Mangano Administration restoring the County rating back to 2005."
Fitch recognized the fiscal progress achieved and maintained by the County, by noting;
The major ongoing concerns expressed include the impact of Hurricane Sandy, the “hurdles” from NIFA oversight and cost pressures from unfunded mandates and long term labor agreements.
Nassau County Comptroller Maragos Online: