FOR IMMEDIATE RELEASE Tuesday, August 13, 2013

County Executive McCoy Says Stable Albany County Credit Rating 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 good news for Albany County as it shows that we are successfully managing debt in an uncertain economy,” said County Executive McCoy. “This is an above average rating and one we have consistently achieved 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 debt management practices. In its release on the county’s rating, Moody’s said, “The rating also reflects the county’s sizable tax base with ongoing economic development and institution presence.” “There is no doubt that we are facing fiscal challenges,” McCoy said. “But my administration is working to keep our finances on track and that is reflected in this report. We still have some work to do but I am pleased that we are moving forward. Our financial picture could have been even better had the Legislature 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 Communications Office of the Albany County Executive 112 State Street, Room 825 Albany, NY 12207 tel 518.447.7040 ext. 7218

fax 518.447.5589

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