The Catskill Chronicle

SULLIVAN COUNTY, NY (December 17, 2013) – Sullivan County Treasurer Ira J. Cohen has announced that Standard and Poor’s Rating Service (S&P) has raised its rating on Sullivan County’s general obligation (GO) bonds, from “A+” to “AA,” with a stable outlook.

According to Cohen, S&P actively sought out Sullivan County to participate in its rating review process this past Fall, even though the County was not in the process of issuing bonds, and had not sought a new rating from S&P at the time.

The last time that S&P rated Sullivan County was approximately four years ago when the County participated in a large borrowing that included a pooled borrowing backed by newly issued federal ARRA Recovery Bonds.

At that time, Sullivan County continued its Aa3 rating from Moody’s Rating Service, and earned an A+ from S&P. (Moody’s and S&P employ different ratings scales, so it is difficult to compare the different ratings received by the two agencies.)

“Sullivan County has not asked for a new S&P rating over the past four years, but when they requested that we participate in an update a few months ago, we thought it was a good idea to acquiesce and to remain eligible for future S&P ratings, notwithstanding the risk of a downgrade,” said Cohen.

“The ratings increase is truly an honor bestowed upon the County’s fiscal, management and policy-making officials. Many, if not a majority of municipalities across the State and the Country, including the US Government itself, have experienced ratings decreases. The status quo is often attainable, but only after a well-prepared, lengthy and hard fought presentation. But to be honored with a ratings increase is truly gratifying, and it is a sign that we here in the County government are not alone in our growing optimism for fiscal growth and stability in Sullivan County.”

Cohen said that both he and the elected legislators and their appointees are truly excited about the direction the County is now moving in, as many new economic development projects are moving towards reality, and emphasizes that the S&P rating increase and stable outlook for the future predated the successful gaming referendum. “With Sullivan County apparently poised for selection for one or more class three gaming casinos in the near future, it appears that new job creation and revenue coming into the County in the future will only improve. That, in addition to newly announced large scale projects for the former Kutcher’s Country Club, the Homowack Lodge, the Concord Hotel, the Apollo Plaza, Davos Resorts, and others, bodes extremely well for Sullivan County’s economy, and bond rating, in the future,” said Cohen.