Fitch Ratings: Nassau County's Finances Improving

Nassau County Executive Edward P. Mangano today announced that Fitch Ratings has assigned an AA- rating to much of Nassau County’s bonds. The announcement comes less than one week after Mangano’s 2011 budget passed with no increase to property taxes.

“There is much work to be done, and we are encouraged by Fitch’s rating,” said Mangano. “It clearly illustrates that this administration has taken bold steps to fix Nassau County’s finances.”

Fitch’s expressed a favorable outlook on the changes implemented by the Mangano administration since Jan., 2010 when Mangano took office. The agency does point to sales tax as a defining component to continued improvement.

“The financial condition of the County has improved since its earlier fiscal crisis at the beginning of 2000,” the agency said.

Fitch’s highlighted Mangano’s decisions with regard to managerial structures, including slashing the County payroll to historically low levels.

“Management practices and policies are strong and management has demonstrated a willingness to make additional reductions as necessary,” wrote Fitch’s Ratings.

Fitch’s latest report is encouraging news for Mangano as he continues to repair years of structural imbalance.

“Fitch says we are on the right track,” said Mangano. “The structural reforms included with the 2011 No Property Tax Increase County Budget will improve our financial outlook.”