Warren County’s bond rating slips
by Brian Mann on December 2nd, 2009
Local government is struggling; and the legislature’s plan to curtail local government assistance won’t help.
The point is driven home by today’s news, reported in the Glens Falls Post Star, that Warren County’s bond rating has been lowered.
In 2007, the rating was AAA, the highest possible. It slipped to A2 and then to A3.
According to the Post Star, Warren County was dinged because of a lack of fund balance.
As the newspaper reported, the county passed a 1% sales tax increase, in part to avert an even greater reduction in the rating.
There’s a PR concern here. And in real world terms, a government’s bond rating can affect its ability to borrow money on reasonable terms.
