September 28, 2004

Nassau County Presiding Officer Judy Jacobs (D-Woodbury) and fellow majority members joined with County Executive Thomas Suozzi this week to announce that Standard & Poor’s has upgraded the County’s credit rating to A- from BBB+, marking the third upgrade by the prestigious Wall Street firm since 2002 and the first time Nassau County is in the “A” ranks with Standard & Poor’s since the County’s fiscal crisis began. This is the seventh upgrade among the three credit rating agencies since 2003. In 2002, the county’s credit rating was one step above junk bond status.

“This is great news for Nassau County,” said Presiding Officer Jacobs. “We know we were elected to fix Nassau’s finances and the members of this majority have made the tough decisions that have helped put Nassau County back in business.”

According to Jacobs, higher credit ratings mean lower interest costs for the county.

In its announcement, Standard & Poor’s stated, “The upgrade is based on the County’s notable progress in addressing the wide range of long-standing challenges that form the basis of its multiyear fiscal recovery plan; a greatly improved cash position and strengthening financial performance, moving the county closer to structural budget balance; and, importantly, the effort now underway to institutionalize fiscal reforms and comprehensive financial reporting and planning, as well as fund balance, debt management and investment policies.”

“This county has made a tremendous turn around,” said Jacobs. “And together we will continue to address the challenges ahead.”