Suffolk County Executive Ed Romaine (R-Center Moriches) announced this week that Fitch Ratings has upgraded Suffolk County’s rating from ‘AA-‘ to ‘AA’ with a stable outlook. This is the fifth bond upgrade the county has received since Romaine took office in January 2024.
“This upgrade is a vote of confidence in the way taxpayer dollars are being protected and managed,” said County Executive Romaine. “I want to thank my partners in the Suffolk County Legislature for their work in achieving this upgrade.”
A higher credit rating generally lowers the county’s borrowing costs, which means savings for taxpayers on bonding or other borrowing.
“Fitch’s decision to upgrade Suffolk County’s bond rating to AA with a stable outlook is a significant achievement for our residents and a strong endorsement of the county’s financial management,” said Presiding Officer Anthony Piccirillo (R-Holtsville). “A strong bond rating helps reinforce confidence in county government and supports our efforts to protect taxpayers and preserve the county’s financial future. This is a win for all of Suffolk County, and I commend everyone whose work helped make this possible.”
The upgrade reflects the changes the Romaine Administration has made to ensure better cybersecurity in the county. In September 2022 Suffolk County was the target of one of the largest cyberattacks on a municipality in the United States. Under the prior administration the county did not have cyberattack insurance, resulting in the county having to spend tens of millions of dollars to respond.
“A county of this size should have never been left vulnerable to such an attack, especially with no insurance to assist in recovery,” said Romaine. “I want to thank the county’s information technology leadership and staff for their dedication to protecting taxpayer services and information.”
“Since the (2022 cyberattack) incident, the county has instituted significant improvements in its technology-related infrastructure and oversight, including the hiring of a full-time, onsite Chief Information Security Officer (CISO), helping to mitigate against future attacks,” said Fitch in its report.
The County’s budgeting has also protected its reserve funds, a critical component in Fitch’s decision to once again upgrade Suffolk’s bond rating.
“The ‘AA’ ratings also reflect the county’s sustained sound liquidity and overall reserve levels reflective of strong revenue performance and management’s recent conservative budget assumptions,” said Fitch in its report.
“Conservative budgeting means preparing for the future, and Suffolk County has done its best to keep the budget steady, even in these difficult financial times,” said Romaine.
In his annual State of the County address in September, Romaine announced his 2027 budget will not raise general fund taxes in 2027.
“Working with my colleagues in the legislature, I am confident we will continue to strengthen the county’s financial position and protect taxpayer dollars,” said Romaine. “This upgrade represents the work we do on behalf of our residents each and every day, and we are not done yet.”
