Mineola, NY - Nassau County Democratic lawmakers were notified this week that the County's bond rating is in line to be upgraded for the second time this year. Moody's cited "significant progress" in Nassau's fiscal recovery.

"This good news is the direct result of the county's many successes in recent months," said Nassau County Legislator Kevan Abrahams (D- Hempstead).

Abrahams cited several positive turns for the County including a solid and credible 2004 proposed budget with no tax increase, the settlement of two major union contracts resulting in millions of dollars in savings and the compromise package on the sewer and storm water authority.

Moody's Investor's Service already upgraded Nassau this year, along with Fitch and Standards and Poor's for the first time in 15 years.

Among county governments in New York State rated by Moody's this year, nine were downgraded, two were placed on a watch list for downgrading and 10 were given a negative outlook. Only four were upgraded.

"At a time when most county's are being hurt by an economic slump, we have already been on a course to hold down spending and reduce the debt," said Abrahams.