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Summary: Suffolk County, New York; General Obligation Nov 11
Standard & Poors, November 2011
Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Suffolk County, N.Y.'s series 2012 A and B refunding bonds. We also affirmed the 'AA' long-term rating on the county's general obligation (GO) bonds. The outlook is negative due to a continued deterioration in the county's financial position and reserves. The 'AA' rating reflects the county's: Fundamentally strong and diverse economy and its easy access to the New York City metropolitan area; Substantial tax base despite recent declines; Strong wealth and income levels; and Moderate overall debt burden. Suffolk County's financial position has deteriorated in the past several years due to ongoing weakness in economically sensitive revenues, notably sales tax, and drawdowns of general fund reserves to support operations...
Companies mentioned in this report are: Suffolk Cnty
Action: New Rating
Action: Outlook: Stable
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