Oneida County maintains strong financial ratings

UTICA, N.Y. — Oneida County received high ratings from all three major national credit agencies for 2023, County Executive Anthony J. Picente, Jr. announced.

The county maintained its AA rating from Fitch, its AA- rating from S&P Global, and its A1 status from Moody’s.

“Strong, conservative fiscal policies of cutting spending and limiting our debt have created a strong financial foundation that allows us to invest in our community and grow our tax base,” Picente contended in a news release. “The three national credit agencies have once again confirmed our conservative approach by maintaining our stellar credit ratings.”

Fitch, which gave the county a stable outlook, said its decision reflected its expectation the county will “maintain a high level of financial flexibility through economic cycles supported by its superior level of gap-closing capacity, including a solid level of expenditure control and high independent legal ability to raise revenues.”

S&P Global indicated it based its rating on the county’s strong operating performance, robust sales-tax revenue, and financial-management policies and practices.

Moody’s cited the county’s solid management, consistent operating results, proactive expenditure controls, and a large and diverse tax base. The agency said, “ongoing residential and commercial development will continue to drive growth in the economy,” while noting the benefits of area projects like Wynn Hospital in Utica, the Wolfspeed chip fab in Marcy, the Utica University Nexus Center in Utica, and Air City Lofts and Woodhaven housing projects in Rome.

“Maintaining our high credit ratings with these agencies helps to sustain our bonding costs at manageable levels without experiencing huge fluctuations in our debt service payments,” Oneida County Comptroller Joseph J. Timpano said.