Orange County Exec Forecasts Another Bond Rating Downgrade
A Hudson Valley county could be facing another downgrading of its bond rating.
Moody’s Investors Service in March downgraded Orange County’s bond rating two notches - to Aa2 from Aaa. Orange County Executive Steve Neuhaus believes another downgrade is imminent.
“I think we’re going to get downgraded on Monday, just a lot of negative stuff coming back, and rightfully so," says Neuhaus.
He says he met with Moody’s officials recently. Neuhaus says continued economic development will help as would landing one of the six casinos proposed for Orange County.
“The most important thing that will help us though is a balanced budget," Neuhaus says. "The county hasn’t had a balanced budget in three years, and that’s really why we’re getting dinged.”
Neuhaus, who took office in January, says it will take 3-to-5 years to improve the rating.