Fitch Ratings assigns ratings to Suffolk County, NY offerings.
New York: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, assigned the following ratings to Suffolk County, NY offerings: --$62.3 million refunding serial bonds-2017 series C 'A-'; --$127.2 million refunding serial bonds-2017 series D 'A-'; and --$410 million in tax anticipation notes (TANs) for 2018 taxes 'F1'.
The bonds are being issued to advance refund various outstanding bonds for budgetary savings. The bonds and notes are expected to sell via negotiation on Dec. 21, 2017. The TANs are being issued in anticipation of the collection of real property taxes or assessments for 2018. The notes will mature on July 25, 2018.
The bonds and the notes are general obligation and carry the county's faith and credit and taxing power, subject to a 2011 state statute limiting property tax increases to the lesser of 2% or an inflation factor (the tax cap law). This limit can be overridden annually by a 60% vote of the county legislature. The 'A-' rating incorporates the county's lack of available reserves following a history of using them to fund operations. Fitch assesses the county's financial resilience as limited due to ongoing spending demands and flat natural revenue growth. The long-term liability burden is low and carrying costs for debt service, pension contributions and other post-employment benefits (OPEB) are moderate. Other positive credit features include the county's legal ability to increase revenues from a wealthy and diverse tax base and adequate ability to adjust budgetary spending.
|Printer friendly Cite/link Email Feedback|
|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Feb 21, 2018|
|Previous Article:||Fitch Ratings affirms Southwestern Energy Company's rating at 'BB'.|
|Next Article:||Fitch Ratings affirms Nelnet Student Loan Trust 2004-4.|