Mineola, N.Y.- Nassau County Executive Thomas R. Suozzi has announced that Fitch Ratings has upgraded the County's Bond rating two notches, from "A-" to "A+" and the county's Rating Outlook remains Positive.

"This is yet another step forward for Nassau County," said County Executive Suozzi. "When we came into office in 2002, Nassau County's credit rating was one step above junk bond status from two of the three credit rating agencies. "Through a combination of cost-cutting and revenue raising initiatives, we have engineered a remarkable financial turnaround.

In its announcement, Fitch Ratings said, "The two-notch upgrade to 'A+' from 'A-' on the county's outstanding GO bonds reflects two years of structural budget balance resulting from strong financial management practices successfully implemented over a short time period, growing reserves, a broad and wealthy economic base, continued progress toward institutionalization of conservative fiscal policies, and moderate debt levels with above-average amortization rates. Other inherent credit strengths include a diverse tax base and high income levels. The rating also incorporates the key credit concerns, including a high fixed-cost burden, borne by all counties in the state, and financial exposure related to the Nassau Health Care Corporation, although the county has shown strong ability to mitigate these risks through conservative financial forecasts and planning tools."

The County Executive pointed out that higher credit ratings mean lower interest costs for the County, and also represents an affirmation of the 2005 budget and its multi-year financial plan.

"Fitch Ratings is once again acknowledging all of the hard work we have done to improve the County's financial situation and is saying loudly and clearly that Nassau is moving in the right direction," said Suozzi.