Another credit rating agency has assigned a healthy financial rating to Erie County.
The Kroll Bond Rating Agency, a newer-but-growing, second-tier credit rating agency, has assigned a long-term rating of AA- for Erie County bonds. That rating is considered to reflect high-to-very high quality bonds with "minimal risk of loss."
Higher credit ratings matter to taxpayers because they allow Erie County to borrow money more cheaply, at lower interest.
Last month, Moody’s Investor’s Service upgraded Erie County’s credit rating to A1, up from A2, the highest rating Moody's has given the county since 1976. The A1 rating reflects upper medium-to-high grade bonds. Comparatively, the Kroll rating agency assigns a slightly higher value to Erie County's bonds.
“This is more affirmation of the responsible and prudent path my administration is taking in managing county finances, reducing long-term debt, and consistently producing reasonable budgets,” said County Executive Mark C. Poloncarz.
His office quoted from the rating agency's report that praised the county's strong management and budgeting practices, favorable savings policy, manageable fixed cost burden and improving financial performance.