SC New York News

Chemung County has been informed by Moody's Ratings that the county will maintain its A1 credit rating for an upcoming Public Improvement Serial Bond issuance. This rating indicates stable financial support, significant reserves, and a low risk of credit default.

Strong credit ratings benefit citizens and taxpayers through reduced debt interest costs and more efficient service delivery expenses, influencing the county budget and property taxes. County officials commend the finance team for their diligence in maintaining accurate financial records and providing necessary data to Moody's for analysis.

Deputy Executive Jennifer Furman stated, "As to the reasons for the maintained A1 rating, Moody’s credit opinion report indicates positive reserve trends and below-average fixed costs as strengths of the County’s current financial profile. Moody’s does once again indicate that reliance on sales tax revenue and a decline in fund balance below 25% of revenue on a sustained basis are credit challenges and factors that could lead to a future downgrade. Overall, this is positive news for the County and our citizens as the A1 rating will help attract competition and better interest rates for the County’s upcoming bond sale."