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Moody’s moves Erie County from ‘stable’ to ‘positive’ in latest review
Submitted by the Press Secretary to the Erie County Executive
In its latest credit opinion, issued Dec. 24, Moody’s ratings agency maintained Erie County’s credit rating at A1 while upgrading the county’s outlook from “stable” to “positive.” In issuing its report, Moody’s noted the improvement of the county’s reserves and liquidity, and discontinuation of reliance on cash flow note financing, as well as a declining liability profile as credit strengths in issuing the upgrade.
“Erie County’s credit is in the best shape it has ever been, and I thank Moody’s for recognizing the positive steps my administration has taken to make that happen. With this upgraded outlook, borrowing for infrastructure and other capital projects will be less costly and the county will reap the benefits,” Erie County Executive Mark Poloncarz said. “We have maintained prudent reserves while making these investments, and this recognition bears that out.”
Moody’s had moved Erie County to an A1 outlook stable rating in November 2019. In its new analysis, Moody’s notes the current positive outlook reflects the expectation that reserves will remain stable while long-term liabilities continue to trend lower.
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