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Moody's Fiscal Rating Announced

Moody's Fiscal Rating Announced

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Published by maryrozak
County Executive McCoy Says Stable Albany County Credit Rating Reflects Fiscal Prudence
County Executive McCoy Says Stable Albany County Credit Rating Reflects Fiscal Prudence

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Published by: maryrozak on Aug 13, 2013
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08/13/2013

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FOR IMMEDIATE RELEASE
 
Tuesday, August 13, 2013
County Executive McCoy Says Stable Albany County CreditRating Reflects Fiscal Prudence
 Albany County Executive Daniel P. McCoy announced today
that Moody’s Investors Service, a provider 
of credit ratings for governments and research for debt instruments and securities, recently assigned Albany County an Aa3 credit rating for $37 million in general obligation bonds for 2013.
Moody’s also affirmed the same rating
on $248 million in outstanding debt, which is secured by a general
obligation pledge as limited by the property tax cap. According to Moody’s, the bonds will finance $34.9
million in bond anticipation notes maturing this week and $2.6 million for funding of capital improvements.
“This is g
ood news for Albany County as it shows that we are successfully managing debt in an uncertaineconomy,
 
said County Executive McCoy. “
This is an above average rating and one we have consistentlyachieved the last two years despite an uncertain economy. My administration has worked to keep our finances in check and to work within the budget.
 
Moody’s said the county has made progress in its d
ebt management practices. In its release on the
county’s rating
,
Moody’s said, “The rating also reflects the county’s sizable tax base with ongoingeconomic development and institution presence.”“There is no doubt that we are facing fiscal challenges,” McCoy said. “But
my administration is working tokeep our finances on track and that is reflected in this report. We still have some work to do but I ampleased that we are moving forward. Our financial picture could have been even better had theLegislature acted on a lease agreement with the Albany County Nursing Home. Losing $1 million a
month is not financially prudent.”
 
The company also cited the county’s developing technology and institutional presence and modest future
borrowing plans as strengths. Cited as challenges facing the county are growing expenditures for health
care and benefits and the county’s narrow financial position. Moody’s said the rating would go up if the
county makes progress on the implementation of a plan to replenish financial reserves and liquidity.
###
Mary Rozak
 
Director of CommunicationsOffice of the Albany County Executive112 State Street, Room 825Albany, NY 12207tel 518.447.7040 ext. 7218
 

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