Agency gives Ulster County AA- bond rating

Fitch Ratings has affirmed Ulster County’s AA- bond rating, according to a press release from Ulster County Executive Mike Hein.

Fitch Ratings gave the county the AA-, rating is due to the County’s “sound budget management,” “superior budget flexibility,” “sound reserve levels” and “low long term liabilities.”

“The county’s economic base is diverse but supports a relatively slow level of revenue growth,” the firm stated in its report.

“The long-term liability burden is low and carrying costs for pension and debt service costs account for a modest portion of general fund expenditures.”

Fitch Ratings also noted in its report the county’s choice to “forego the opportunity to receive higher revenues … in favor of tax relief.”

In a statement announcing the rating, Finance Commissioner Burt Gulnick said he was “pleased that Fitch Ratings has acknowledged the strong financial management of the Hein administration to protect taxpayers, invest in infrastructure and reinvent government.”

According to the administration’s press release, a strong bond rating is beneficial to taxpayers because it can reduce the overall borrowing costs associated with standard bond issues.

Fitch Ratings long-term credit ratings range from a top rating of AAA to D for debt issues that are in default and for issuers who did not meet their financial obligations.