11th Bond Upgrade for County Under Leadership of County Executive Tom Suozzi

Mineola, NY - Citing the County's "significantly improved financial management and performance," Standard and Poor's (S & P) rating agency has upgraded Nassau County's general obligation bonds to an "A" status, further confirming the county's dramatic financial turnaround under the administration of County Executive Tom Suozzi.

The S&P's latest action, which raised the county's bond rating to an "A" from an "A-", is the 11th time that one of the three major Wall Street rating agencies have upgraded Nassau County's bonds during Suozzi's leadership.

"Every time our bond rating is upgraded, this administration is vindicated in its approach to the County's financial crisis we inherited four years ago," Suozzi said. "We are delighted at this latest affirmation of our success in bringing Nassau back from near bankruptcy and steering it firmly on the road to long-term financial health with no tax increases during the last three years."

This bond upgrade of the county's finances comes on the heels of Suozzi being named one of Governing Magazine's "Public Officials of the Year 2005." The magazine dubbed Suozzi a "High-Voltage Transformer" who turned around the county's fiscal picture by shrinking the county workforce, renegotiating union contracts and reshaping government operations.

In its report, S & P also praised the county government for:

• Notable progress in addressing the wide range of long-standing challenges that form the basis of its multiyear financial plan, including the anticipated implementation of pay-as-you-go tax grievance payments beginning in fiscal 2006.
  
• Institutionalization of various financial reforms and comprehensive financial reporting and planning, as well as fund balance, debt management, and investment policies.

"The past three years have seen a steady trend of achievements in the county's financial position and the refinement of the multiyear financial plan," the S&P report stated. "These achievements have included substantial workforce reductions; county labor union concessions; a comprehensive property revaluation; implementation of an improved process for handling assessment grievances; the creation of a stabilization agreement with NHCC; formalization of various financial policies; and further debt restructuring, refunding, and reduction through the Nassau County Interim Finance Authority (NIFA) and Nassau County Sewer and Storm Water Finance Authority."

"These achievements have translated into a strengthened financial position for Nassau County," said S&P.