Mineola, N.Y. - Nassau County Executive Thomas Suozzi announced today that Wall Street bond rating agency Fitch Ratings has upgraded the County's bond rating from BBB to BBB+ and maintains its Rating Outlook as Positive.

In a press release issued earlier today, the rating agency said that "The upgrade to 'BBB+' reflects the conservative nature of budget forecasts, prudent planning on the expenditure side, monthly monitoring of financial performance, continued overall improvement in the quality of financial management, the enactment key legislative changes necessary for implementation of the financial plan, and demonstrated and accelerated progress towards achieving plan initiatives in the areas of workforce reduction, assessment reform and revenue enhancements." They added, "Fiscal 2002 estimates show additional improvement in the county's financial situation."

"This is yet another step forward for Nassau County," said County Executive Suozzi. "Fitch Ratings is acknowledging all of the hard work we have done to turn the County around and improve its financial situation."

The release from Fitch can be accessed at their website, www.fitchratings.com.