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Rockland Officials Meet With Rating Agencies

Government leaders provided updates on fiscal actions

 

Rockland County officials, legislative leaders and financial staff met Thursday in New York City with representatives of three rating agencies to brief them on the county’s financial situation. County Executive C. Scott Vanderhoef, County Legislative Chairwoman Harriet Cornell, Legislative Budget & Finance Committee Chair Ilan Schoenberger, Acting Finance Director Stephen DeGroat, Legislator Michael Grant, Chief of Staff Sean Matthews and Rockland’s bond counsel met with , Standard & Poor’s and Fitch Ratings.

Ron Levine, county communications director, said the first meeting was with Moody’s followed by Standard & Poors and then Fitch. He said the county was not expecting any immediate action from the agencies following the sessions. 

“The purpose was to really have an opportunity to go to them to let them know our perspective,” said Levine. “We’re cautiously optimistic.” 

He explained it was a chance for the government officials to meet face to face with so they could discuss what the county’s situation has been, the contingency budget that is being put into place and what the county anticipates doing in the future. 

After the meetings, Vanderhoef described them as "productive."

On May 10, Moody’s downgraded Rockland’s bond rating to a level just above junk bond status.  Levine said the county recently asked state officials to approve its request for a $95 million bond to pay off its deficit. 

F*** June 14, 2012 at 08:34 PM
Once Moody's, S&P and Fitch get to see the caliber of our County Officials in person they'll drop us another 3 points.
Watchdog June 15, 2012 at 12:45 AM
This is the same group that told us yesterday that Tourism in Rockland accounts for 8300 jobs. FROM WHERE??? And included millions in revenue from red light cameras for SEVERAL YEARS, that not only did not exist, could NEVER HAPPEN because Rockland does not have the required population of 1,000,000 people. These incidents not only are just Disengenious, they are DISHONEST. How can Moody's believe anything they say when for five or six years, ALL THE BUDGETS WERE PHONY?
jrod June 19, 2012 at 03:23 AM
I wish somebody - or everybody - would call Moody's to let them know what a farce our local government is - and has been - for years. I cannot believe that these schmucks might get away with an increase in their bond rating - and borrowing more money they wont be able to pay back. They are still scrambling at Legislature meetings all this week to try and "figure it out". No union contract yet - no information as to how they will close the debt for 2012...It's up to the tax payers to do something to stop the madness. They dont deserve anything other than a state takeover.

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