The Tompkins County Finance Department has received notification from Moody’s Investors Services that the organization has retained its Aa1 credit rating. This rating affirms the County’s standing as an outstanding issuer of bonds and reflects the organization's financial health. The rating also considers the stability of the local economy, which continues to bolster results.
Tompkins County will issue roughly $13 million in bonds for sale in February 2023, with the positive rating from Moody’s expected to keep interest costs on those bonds low, citing the County’s ongoing ability to pay back its debts.
The 2023 ratings are inclusive of scoring on Environmental, Social, and Governance activities (ESG), with the County receiving a high grade of 2 on the scale (1 being positive and 5 being negative). Factors such as location, weather events, and other environmental risk factors were taken into account along with social and governance activities in the County’s control. The County’s sustainability and diversity, equity, and inclusion initiatives and policies were considered for this ESG score.
Of the area Counties that have current ratings with Moody’s Tompkins County has received the highest rating.
Interim Director of Finance Drew Braman stated, “This is a testament to our policies, procedures, and people. Tompkins County consistently receives these high ratings, helping us to finance certain projects and provide a good return on investment for residents and taxpayers in the County. This reflects the financial health of our County government, and I want to thank the Finance Department staff for their work to gather the data and information needed to secure this rating.”
Legislator and Chair of the Budget, Capital, and Personnel Committee Deborah Dawson stated, “We’re charged with being good stewards of public dollars and this affirms, once again, that we are doing that at a high level. Our ability to issue bonds with low interest is an important factor in our financing of infrastructure projects in Tompkins County, I’m glad we’ve kept this rating and thank our fine staff for their efforts.”