From Worst to First: Rockland Only County to Achieve “Aaa” Moody’s Highest Credit Rating Statewide
See Upgrade Letter Here

New City, NY - County Executive Ed Day, County Legislative Chairman Jay Hood Jr., and Commissioner of Finance Stephen DeGroat are proud to announce that Moody’s Investors Service has upgraded Rockland County’s issuer and general obligation limited tax (GOLT) bond ratings from “Aa1” to “Aaa” — the highest possible rating. With this upgrade, Rockland becomes the only county in New York State to hold a Moody’s Aaa rating, a clear indicator that Rockland is one of the most financially stable counties in the state.

Bond ratings assess the creditworthiness of government entities. An Aaa rating signals to lenders and investors that Rockland County presents minimal credit risk, which enables the County to secure the lowest possible interest rates when borrowing — saving taxpayers money.

“When I first took office, Rockland was listed by the New York State Comptroller as the most fiscally stressed county in the entire state,” said County Executive Ed Day. “Our bond rating was just one step above junk status. Today, we’ve gone from worst to first, becoming one of the financially strongest counties in New York State. I’m incredibly proud of the dedicated County employees whose hard work made this transformation possible.”

“It is extremely gratifying to have outside financial experts verify that County government remains on the right track when it comes to managing our finances,” said Rockland County Legislature Chairman Jay Hood Jr. “I want to thank everyone who is contributing to our ongoing efforts to improve our credit ratings, including my Legislative colleagues, the County Executive, and our County employees.”

Moody’s Investors Service highlighted the County’s exceptional financial recovery in the upgrade letter:

“Reserves and liquidity have improved substantially over the past decade and finished 2023 at over 50% of revenues. Management projects this trend will continue through 2025 and into 2026. As a result of strong operating performance, governance is a driver of the rating.”

The upgrade reflects years of disciplined financial management, including maintaining a balanced budget, growing reserves, and paying off the County’s $96 million deficit bond in 2024.

“After years of hard work, we have finally achieved an AAA rating from the premier credit rating agency,” said Commissioner of Finance Stephen DeGroat. “This upgrade is the result of prudent financial planning and conservative budgeting practices.”

County Executive Day added, “I want to thank the Rockland County Legislature for their partnership and acknowledge the outstanding work of Finance Commissioner Stephen DeGroat and Budget Director Steve Grogan. Their commitment to responsible stewardship of taxpayer dollars helped make this historic milestone a reality.”

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