In a landmark financial achievement, Rockland County has become the only county in New York State to earn a “Aaa” rating from Moody’s Investors Service—the agency’s highest possible credit rating. The upgrade moves the County from its previous “Aa1” rating and cements Rockland as one of the most financially stable counties in the state.
Moody’s issued the upgrade after reviewing the County’s fiscal performance and governance, stating that “reserves and liquidity have improved substantially over the past decade,” with 2023 ending at over 50% of revenues. The report also credited strong operating performance and sound fiscal management as key drivers behind the rating.
“When I first took office, Rockland was the most fiscally stressed county in New York, with a bond rating just one step above junk status,” said County Executive Ed Day. “To now reach the top tier—Aaa—is a testament to the tireless work of our County team. We’ve gone from worst to first.”
Legislative Chairman Jay Hood Jr. echoed that sentiment, saying, “It’s incredibly gratifying to have an outside financial institution validate our fiscal discipline. I thank my colleagues in the Legislature, the County Executive, and our employees for their roles in making this happen.”
Finance Commissioner Stephen DeGroat emphasized that the upgrade reflects years of conservative budgeting and sound financial planning. “Achieving this rating from Moody’s is not just a financial milestone—it’s a win for every taxpayer in Rockland County.”
Moody’s upgrade is expected to significantly reduce borrowing costs for the County, allowing for lower interest rates and saving taxpayer dollars. The accomplishment follows the County’s successful repayment of a $96 million deficit bond and continued maintenance of a balanced budget.
County Executive Day concluded, “I want to recognize Finance Commissioner Stephen DeGroat and Budget Director Steve Grogan for their exceptional work, and thank the Legislature for their ongoing partnership. This rating is more than a number—it’s a symbol of trust and accountability to our residents.”
