Hauppauge , NY – Suffolk County Executive Steve Levy and County Comptroller Joseph Sawicki today announced that the strong budgeting steps taken during the course of the year to mitigate a potential shortfall have resulted in the county maintaining its historic high bond ratings from Fitch Ratings, Moody’s Investor Services and Standard & Poor’s.

Despite uncertain economic times, Suffolk held on to its AA- rating, with a positive outlook, from Fitch, maintained its Aa3 rating from Moody’s and maintained its AA/Stable rating from S&P in advance of the sale of approximately $87 million in serial bonds later this month.

Suffolk also maintained an F1+ rating from Fitch, and held both its MIG1 rating from Moody’s and SP-1+ rating from S&P for the upcoming sale of $85 million of tax anticipation notes (TAN).

“This level of confidence in our fiscally conservative policies is especially notable in these times of national and international fiscal crisis,” said Levy. “The fact that all three agencies cited our prudently accumulated reserves should be proof positive to legislators that now is not the time to raid the Stabilization Fund for a quick, one-shot spending.”

“We are cautiously optimistic that come Tuesday once again we will see that these high ratings will have a significant impact in attracting investors to our bonds,” said Sawicki. “It puts us in the best possible position in these uncertain times.”

The Fitch report noted the county’s ability to “…successfully contain expenditure growth and accumulate reserves,” and cited the pro-active steps taken earlier this year to address a potential $130 million budget shortfall in 2009. Those steps included the securitization of tobacco settlement receipts to retire outstanding debt in the next five years and an early retirement incentive program coupled with the abolition of 80% of the positions that became vacant from the incentive.

Fitch also noted the early adjustments made by Suffolk in 2008 to slower-than-anticipated sales tax growth, as well as the generation of $16 million into the 2008 budget through the sale of its county-run HMO.

The report also cited Suffolk’s “low debt levels with manageable future capital needs and its strong financial management and sound budgetary practices.”

Moody’s noted the same pro-active approach, and said, “Operations benefited from substantial expenditure savings derived from staff turnover and social service savings related to increased operating efficiencies and declining caseloads.” The agency also stated, “Favorably, the county has not tapped its Tax Stabilization Reserve.”

In its assessment, Standard & Poor’s noted, “Suffolk County has shown sound financial performance, proactive budget management, healthy reserves and enjoys a strong local economy.”