Ratings services reaffirm Onondaga County’s credit rating

SYRACUSE — Fitch Ratings has reaffirmed Onondaga County’s credit rating of “AAA” after its annual review of county finances.

In awarding Onondaga County an AAA rating, its “best possible,” Fitch “lauded” the county management, Onondaga County said in a news release last week.

“Given management’s conservative budget practices and strong financial oversight, Fitch expects the county to maintain a positive financial profile,” Fitch said in the release.  

Fitch went on to describe Onondaga County, saying it has a “well-managed consistent financial position,” a “favorable economic profile,” and “manageable debt profile,” according to the county.

“Our  ratings,  among  the  highest  in the state, are an indication of the strength  of  county  government  and  affirm the decisions we have made to create  a  more efficient government while we work to lower property taxes,” Joanie Mahoney, Onondaga County Executive, said in the news release.

Moody’s  Investors  Service  also  recently  reaffirmed  the  county’s  Aa2 (stable)  rating,  citing  the county’s “well managed financial operations,” and its “sizable and diverse economy,” the county said.

In addition, Standard & Poor’s reaffirmed Onondaga County’s AA+ stable rating, citing its “very strong financial management,” the county added.

Onondaga County on Friday issued nearly $35 million in general obligation serial bonds to fund various capital improvements.

Contact Reinhardt at ereinhardt@cnybj.com