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The Telegram
  • Moody’s upgrades county bond rating to Aa3

  • Herkimer County’s bond rating has been upgraded from A1 to Aa3.

    Herkimer County Legislature Chairman Vincent Bono said earlier this week the Aa3 rating from Moody’s Investors Service is a reflection of the county’s “healthy financial position evidenced by increasing annual surpluses and solid reserve levels, a large tax base and a minimal debt profile.”

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  • Herkimer County’s bond rating has been upgraded from A1 to Aa3.
    Herkimer County Legislature Chairman Vincent Bono said earlier this week the Aa3 rating from Moody’s Investors Service is a reflection of the county’s “healthy financial position evidenced by increasing annual surpluses and solid reserve levels, a large tax base and a minimal debt profile.”
    “This affirmation is a testament to the hard work done by the legislature — and in particular the Committee on Ways and Means — administrative team and our department heads, staff and employees, and has paid dividends to our taxpayers,” said Bono, R - Schuyler.
    In a statement Moody’s said it believes the county’s financial position will remain healthy given its conservative management practices and that it believes the county’s $4.7 billion tax base will remain stable given the presence of state-owned land and growth trends. Moody’s in its statement also said it believes the county’s debt profile will remain manageable given its tax base, modest future borrowing plans and currently nominal direct debt burden at 0.1 percent of full valuation.
    “Our healthy financial position is a direct result of our conservative management style as mentioned in the report, as well as taking the difficult but necessary steps in managing county government on a day-to-day basis,” said Legislator Patrick Russell, R - Old Forge.
    Russell is chairman of the legislature’s Committee on Ways and Means.
    “This action by Moody’s will be financially beneficial to any refinancing considered by the college and sewer district, as well as any future bonding for the county,” said county Treasurer Kimberlee Enea.
    Moody’s said an improved financial position and significant reserve growth consistent with higher rating categories, as well as material improvements to the county’s base and wealth demographics, could lead to a further upgrade of the county’s bond rating.
    “In these very difficult financial times it is fantastic that our county government received an upgrade in our bond rate that will benefit the taxpayers of Herkimer County,” said Bono.
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