Despite the pandemic, S&P reaffirms the county’s strong fiscal responsibility and ability to respond to the economic impacts of COVID-19 crisis
KINGSTON, N.Y. – Ulster County Executive Pat Ryan announced today that Ulster County’s credit rating remains strong at AA in the most recent November ratings by S&P Global citing “strong management, with good financial policies and practice.” Despite strong economic headwinds due to COVID-19, this credit rating reaffirms the county’s ability to respond to the pandemic and economic pressures while continuing to provide superior services for residents.
“After one of the most difficult years in decades, I am proud that this year’s S&P bond rating reaffirms the strong financial footing Ulster County has in protecting and delivering results for our residents,” Ulster County Executive Pat Ryan said. “Despite the challenges posed by the pandemic, we remain committed to delivering high-quality services for our residents and growing our economy, while also ensuring the highest level of fiscal responsibility.”
Ulster County’s continued strength in the eyes of bond rating agencies is a direct benefit to taxpayers in the form of lower borrowing costs. As interest rates continue to climb, a strong bond rating corresponds with lower borrowing costs that will allow the County to continue to invest in long-term projects that serve constituents that require bond financing. The report states that S&P Global Ratings believes that Ulster County will maintain good budgetary practices, supporting its current level of very strong financial flexibility and liquidity profiles.
Last month, County Executive Ryan unveiled his 2021 Executive Budget. At approximately $333.8 million, the 2021 Executive Budget includes a 0% increase in the tax levy and no layoffs to county employees.