Albany County Executive Daniel P. McCoy announced that Moody's Ratings, one of the “Big Three” credit rating agencies, has upgraded Albany County’s bond rating to Aa2 from Aa3. This upgrade reflects the county's improved financial position thanks to growing reserves and fund balance as well as strong financial management.
“Our county’s improved bond rating is a direct reflection of the responsible fiscal management and long-term planning we’ve prioritized over the past several years. This achievement means lower borrowing costs for taxpayers and greater financial flexibility to invest in our future. I want to thank Comptroller Susan Rizzo, Commissioner of Management and Budget David Reilly, and their teams for their diligence, professionalism, and commitment to sound financial stewardship their hard work has been essential in earning this recognition,” said Albany County Executive Daniel P. McCoy.
The credit rating agency cites a combination of improved reserves and reduced leverage over the last several fiscal years. Albany County’s reserves doubled from 12% of revenue to 24% in 2024, and the amount of leverage has decrease from 266% in 2020 to just 87% in 2024. This in addition to a large growing tax based supported by ongoing development is leading to growing resident wealth and income levels.
“We’ve taken deliberate steps to strengthen our reserves, control spending, and invest strategically in projects that deliver long-term value for residents. I’m proud of the partnership between our team, the Comptroller’s Office, and the County Executive’s Office that made this accomplishment possible,” said Commissioner of Management and Budget M. David Reilly, Jr.
“Today’s announcement is another example of Albany County’s strong financial leadership from County Executive Dan McCoy and his team, along with Comptroller Sue Rizzo and hers. We are fortunate to have an expert like David Reilly leading our Department of Management and Budget, which is dedicated to scrutinizing fiduciary details that ensure county funds are healthy and serving all of our residents. Being in the middle of our budget review process, we are seeing the whys behind this new rating and I am optimistic about continued growth and stability for our county despite a tremendously volatile federal landscape,” said Albany County Legislature Chairwoman Joanne Cunningham.
Moody’s summary of the analysis can be found at the following link: https://ratings.moodys.com/ratings-news/452426
