High Rating from S&P Follows County Maintaining Strong Rating in Moody’s Report from Last Fall
Rensselaer County has again earned high marks for fiscal management and overall financial health, again earning a strong rating from respected analysts Standard & Poor’s, County Executive Steve McLaughlin announced today.
The county maintained an excellent AA rating from S&P Global Ratings, formerly Standard & Poor’s, and was informed of the findings this week.
“This is outstanding news and shows Rensselaer County continues to be a place of growth, with county government being effectively and responsibly managed in the best interest of taxpayers and those who invest in our county,” said McLaughlin.
The excellent rating from S&P Global Ratings comes after the county again earned a high Aa3 rating from Moody’s Investor Services last November.
The two ratings place the county just under elite status. Elite status is attained by much larger counties across the nation. Both ratings from S&P and Moody’s were earned by the county in 2018, the first year of McLaughlin’s service as Executive, and were maintained during the past several years.
“We make every dollar count every single day and ensure all possible efficiencies and reasonable cost controls are pursued,” said McLaughlin.
Reviews of the county, along with a series of independent audits, have recognized the county employs strong fiscal controls and oversight of budget, spending and revenue issues throughout county government. The county has also doubled the overall worth of the county during McLaughlin’s tenure.
During the same period, McLaughlin has introduced eight consecutive budgets that have reduced the county property tax rate by a combined 49.1 percent, while dramatically improving county offices and facilities, opening four new county senior centers and paving all 330-miles of the county road network. The county has also attracted historic investment and job growth.
“These high bond ratings show Rensselaer County is again a place for home buyers, business investors and job creators to consider when they are seeking to grow or expand their operations. We know how to properly manage a county, as these numbers show,” said McLaughlin.
“We thank S&P Global Rating, as well as Moody’s, for their careful review of our financial condition, and also credit our fiscal team for helping the county again earn outstanding financial reviews and high bond ratings,” he continued.