Tuesday, October 21, 2014

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Onondaga County credit rating improves

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CNY/NNY/S. Tier: Onondaga County credit rating improves
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ONONDAGA COUNTY, N.Y. -- It was a battle that consumed county government last spring. A redrawing of a formula used to share Onondaga County's sales tax revenues. The county took a larger share.

Now, that deal may be paying dividends when it comes to county borrowing.

Fitch Ratings Services has moved the county's credit rating from "negative" to "stable." The primary cause for the shift is the sales tax deal.

The improved rating should ease the interest costs of borrowing for the county.

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