With Influx Of Federal Dollars, Suffolk Gets Credit Upgrade
Suffolk County’s bond rating has been upgraded, thanks to more than $570 million in federal coronavirus assistance.
Two Wall Street bond rating agencies credit federal aid and budgetary planning to avoid economic disruptions from the pandemic.
S&P Global and Fitch Ratings gave Suffolk a BBB+ for $99 million in borrowing for capital improvement projects.
Fitch also upgraded Suffolk’s rating on $80 million in additional short-term borrowing.
The improved ratings could lower interest rates when the county pays back the bonds. County Executive Steve Bellone also plans to reduce borrowing for capital projects.