Suffolk County's Bonds Downgraded
Suffolk County’s bonds have been downgraded by Standard and Poor’s after the county forecast up to a $165 million deficit for the next fiscal year.
Suffolk’s bond rating was dropped from A to A- by the credit rating agency.
S&P found that while Suffolk’s money problems have “stabilized,” the county is not likely to generate a budget surplus over the next five years. That would mean a lack of reserves.
County Executive Steve Bellone put forward a plan that includes pay freezes and increased employee contributions to healthcare.
Republican Legislator Kevin McCaffrey says the plan doesn’t go far enough to address Suffolk’s budget concerns.
Both Moody’s Investor Service and Fitch have lowered Suffolk’s rating in recent years.