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Summary: Suffolk County, New York; General Obligation Oct 06 Product Image

Summary: Suffolk County, New York; General Obligation Oct 06

  • ID: 1793503
  • October 2006
  • Region: New York
  • Standard & Poors

Abstract
The 'AA-' rating on Suffolk County, N.Y.'s series 2006B GO public improvement bonds reflects the county's: Expanding, diverse, and affluent local economy, with easy access to the broad New York City metropolitan area; Substantial and rapidly increasing tax base and property wealth; Proactive budget management, which should lead to sustained stable financial operations; Healthy reserve levels, particularly within the tax stabilization reserve fund; and Favorable overall debt profile. Credit limitations include the county's: Regular use of the unreserved general fund balance as a revenue source for recurring annual operating expenditures; Lack of traditional fund balance and liquidity policies; and Sizeable ongoing capital requirements and financing plans. The series 2006B bonds are secured by the county's faith and credit GO pledge....

Companies mentioned in this report are:
- Suffolk Cnty

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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