Despite the pandemic, S&P has now affirmed the highest grade available for Bond Anticipation Notes as well as reaffirming the County’s strong management and budgetary performance
S&P report highlights that a proactive approach to the pandemic saved taxpayers over $8 million
Earlier this month, S&P gave Ulster County a strong credit rating on its bonds at AA in part due to 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 has received the highest Bond Anticipation Notes (BANs) available by S&P, SP-1+. S&P Global cited the County’s, “Strong management, with good financial policies and practices.” The news comes after S&P gave Ulster County a strong credit rating at AA in part due to the county’s strong fiscal responsibility and ability to respond to the economic impacts of COVID-19 crisis earlier this month.
Despite strong economic headwinds due to the pandemic, both the BAN and a strong credit rating, reaffirms the county’s ability to respond to the pandemic and economic pressures while continuing to provide superior services for residents.
“The S&P BANs and bond rating both reaffirm the strong financial footing Ulster County has in protecting and delivering results for our residents while also validating our proactive and aggressive approach during the beginning stages of the COVID-19 pandemic,” Ulster County Executive Pat Ryan said. “Despite a year with numerous financial uncertainties, Ulster County will continue to deliver high-quality services for our residents 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 as Ulster County maintains a very strong capacity to pay principal and interest when the notes come due. The report states that S&P Global Ratings believes that Ulster County’s proactive approach to the pandemic saved taxpayers $8.3 million.
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.