Moody’s, S&P affirm “stable outlook” for Onondaga County bond ratings

SYRACUSE, N.Y. — Moody’s Investors Service has affirmed Onondaga County’s bond rating of “Aa2” with a stable outlook, and S&P Global Ratings also affirmed its “AA” bond rating, also with stable outlook.

Onondaga County Executive Ryan McMahon on Thursday announced the bond-rating affirmations.

His office also included excerpts of agencies’ opinions in the announcement.

Moody’s noted in its credit considerations the county tax base stating, “The county’s tax base is sizeable and has undergone steady growth … with significant additional growth expected due to several large manufacturing and commercial developments.”

In affirming its credit rating, S&P stated, “The rating reflects the county’s strong performance, bolstered by strong sales tax collection, manageable fixed costs, and very strong management policies and practices.”

S&P also noted in its opinion that, “The county’s economy is diversifying. It already benefits from its strong position in the aerospace and defense sector, with Lockheed Martin as one of the largest private employers. JMA Wireless, a key player in 5G technology, has its headquarters in the county. An Amazon distribution center, the largest in the northeast and second largest in the U.S., opened in June 2022, creating about 1,500 [jobs].”