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Nassau County, NY's 'A+' Rating Affirmed After Lawsuit To Stop NIFA Control Feb 11 Product Image

Nassau County, NY's 'A+' Rating Affirmed After Lawsuit To Stop NIFA Control Feb 11

  • ID: 1804769
  • February 2011
  • Region: New York
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) Feb. 4, 2011--Standard & Poor's Ratings Services said today it affirmed its 'A+' long-term rating on Nassau County, N.Y.'s outstanding general obligation (GO) debt. The outlook is stable. The affirmation follows Nassau County's Jan. 31, 2011, lawsuit in Nassau County Supreme Court against the Nassau County Interim Finance Authority (NIFA) seeking an immediate stay of the control period imposed on Jan. 26, 2011. At the time of Standard & Poor's last review of Nassau County on Nov. 5, 2010, we highlighted the county's increased budget pressure, its reliance on some nonrecurring resources to fund operations, and options being considered to restore balance. "Despite NIFA's imposition of a control period, we believe that the county's financial...

Companies mentioned in this report are:
- Nassau Cnty

Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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