Marks County's Return to the "A" Ranks of All Three Credit Rating Agencies for the First Time since 1999

Mineola, N.Y. - Nassau County Executive Thomas R. Suozzi announced that Standard & Poor's and Moody's Investors Service today upgraded the County's credit rating to A- from BBB+ and to A3 from Baa1, respectively, marking the first time Nassau County is in the "A" ranks with all three credit rating agencies in a dozen years. Significantly, this brings the total to seven upgrades among all three credit rating agencies since Suozzi took office in January 2002.

"This is great news for the people of Nassau County," said Suozzi. "I was elected in large part with a mandate to fix the County's finances and these rating increases from respected independent agencies are continuing affirmation that Nassau County has, in their own words, made notable progress and is moving in the right direction."

The County Executive pointed out that higher credit ratings mean lower interest costs for the County, and also noted that several pieces of good news accompany these most recent upgrades. They represent affirmation of the County Executive's 2005 budget, its second consecutive no-tax-increase budget, and its multi-year financial plan, as well as its concerted efforts to address the County's two remaining controllable exposures - the Nassau Health Care Corporation and the reduction of the backlog of unresolved assessment grievances.

In its announcement, Standard & Poor's said, "The upgrade is based on the County's notable progress in addressing the wide range of long-standing challenges that form the basis of its multiyear fiscal recovery plan; a greatly improved cash position and strengthening financial performance, moving the County closer to structural budget balance; and, importantly, the effort now underway to institutionalize fiscal reforms and comprehensive financial reporting and planning, as well as fund balance, debt management and investment policies."

Additionally, Moody's noted that its upgrade "reflects continued and sustained progress made by the county to augment recurring revenues and curtail expenditures in order to reduce both its projected budgetary gaps and its reliance on one-time revenues, as well as its improved liquidity position."

"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," Suozzi said. "Through a combination of cost-cutting and revenue raising initiatives, we have engineered a remarkable financial turnaround. While problems remain, many of which are similar to problems being confronted by municipalities around the state, we are now in a stronger position to responsibly address them."

Opening remarks will be delivered by Nassau County Executive, Thomas R. Suozzi and the keynote speaker will be Congressman Maurice Hinchey. Congressman Hinchey was elected to the U.S. House of Representatives in November 1992 after serving 18 years in the New York State Assembly, 14 as Chairman of the Committee on Environmental Conservation. From January 1993 through December 1998, he was a member of the House Committee on Banking and Financial Services and the House Committee on Natural Resources. He was then elected by his colleagues to the House Appropriations Committee and serves on its subcommittees on Agriculture and the Interior.

The Planning Federation was formally established in May of this year. It is a voluntary membership organization open to all elected or appointed municipal officials, attorneys' planning boards and commissions, and other local governmental agencies.

"The response to the Federation's goals has been terrific," said County Executive Suozzi. "There is recognition among almost all of our local government leaders that only by working together will we solve the problems of protecting our suburban quality of life," added Suozzi.

"The mission of the Planning Federation is to assist the County's local governments in the development and implementation of sound and effective planning policies through training programs and the sharing of information," said Federation Director, Hon. May W. Newburger.