By Hank Russell
Fitch Ratings and S&P Global Ratings have both upgraded Suffolk County’s bond ratings to AA-. The county said this marked a major milestone in the county’s ongoing financial recovery and a strong endorsement of its disciplined, transparent, and forward-looking fiscal practices.
Fitch Ratings raised Suffolk County’s Issuer Default Rating (IDR) and Public Improvement Bond Rating two notches to ‘AA-’, citing sustained improvements in liquidity, growing reserves, and responsible long-term budgeting. An AA- rating from Fitch means a very high quality, with a very low risk of defaulting and having a very strong capacity for paying its financial obligations.
S&P Global Ratings separately assigned and affirmed the same ‘AA-’ rating on the County’s $188.7 million Series 2025A General Obligation (GO) Bonds, reflecting what it called “strong management practices and historic levels of reserves and budgetary flexibility.” An AA- rating means the county has a “strong” to “very strong” capacity to meet its financial commitments.
“This upgrade is a resounding vote of confidence in Suffolk County’s fiscal turnaround,” said County Executive Ed Romaine. “Through careful planning, responsible budgeting, and a commitment to transparency, we’ve restored financial stability and positioned Suffolk County for a sustainable future. This means lower borrowing costs for critical infrastructure projects and long-term savings for the taxpayers.”
Fitch highlighted Suffolk’s strengthened fiscal posture, noting that unrestricted general fund reserves now total $276 million, or 10% of general fund spending — rising to 15% when adjusted for tobacco fund assets. The agency also recognized the county’s restricted reserves of $543 million for pensions, debt service, and other obligations, calling them key to financial flexibility and resilience.
S&P’s report similarly praised Suffolk’s “large and diverse economy, above-average household incomes, and prudent financial performance,” noting that the county now holds record reserve balances exceeding 21% of operating revenues. Both agencies commended Suffolk’s efforts to reduce reliance on one-time revenues, responsibly raise its tax levy, invest in technology and cybersecurity, and adopt long-term strategies to strengthen reserves.
The bond upgrades come as Suffolk continues to advance major infrastructure investments, including more than $1.5 billion in water quality and sewer projects, supported by state and federal grants and the recently approved voter referendum establishing a one-eighth of one percent sales tax dedicated to wastewater improvements.
“This achievement is proof that collaboration works,” said Suffolk County Legislature Presiding Officer Kevin J. McCaffrey (R-Lindenhurst). “The Legislature and County Executive’s Office have worked together to restore confidence in Suffolk’s finances, manage taxpayer dollars responsibly, and plan for the long term. Together, we’ve built a stronger, more resilient Suffolk County.”
“This accomplishment belongs to the taxpayers,” McCaffrey continued. “Their support for sound financial planning and infrastructure investment allows us to build a county government that protects their dollars, improves quality of life, and ensures Suffolk remains affordable for generations to come.”
The upgraded AA- ratings apply to the County’s upcoming $188.7 million Public Improvement Serial Bonds, Series 2025A, scheduled for competitive sale on October 23, 2025, which will fund key county capital projects at reduced borrowing costs thanks to the improved credit standing.