Fitzgerald Statement on Credit Ratings from Moody’s and Standard & Poor’s

PITTSBURGH – Earlier today, Standard & Poor’s Ratings Services reaffirmed Allegheny County’s A+ bond rating. This follows on the heels of Moody’s reaffirmation last week. County Executive Rich Fitzgerald issued the following statement in response to the actions:

“The decision by Moody's and Standard & Poor’s that the county will retain its current credit rating is a positive step for Allegheny County. I am very happy with the decision and optimistic about our opportunities to improve our bond rating moving forward. With so many organizations being downgraded because of the economy, these ratings are a reflection of the positive and forward-thinking fiscal plan that I, along with County Council, have put in place.

“Clearly, with a mere $5.7 million fund balance, there is much work to be done. That being said, I have the right leadership team now in place and the support of Council, which also made the difficult decision to provide for new revenue this past year. I am committed to improving this county’s finances for the long term by increasing the fund balance, eliminating unacceptable one-time revenue sources, finding efficiencies and other savings, and continuing to build upon our diverse tax base while protecting the county's taxpayers.”

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