Monroe County Executive Maggie Brooks on Thursday announced that Moody’s Investors Service significantly upgraded the county’s credit rating through a recalibration.
The new rating allows the county to secure lower interest rates for future borrowing and the service of existing debt, a release from Brooks’s office states.
“The action taken by Moody’s to upgrade Monroe County’s credit rating is certainly welcome news,” she said.
The county reported that Moody’s recalibrates credit for all U.S. local governments to rate municipal bonds by the same standards used to rate other securities, such as corporate or private sector debt.
The recalibration resulted in an improvement from Monroe County’s previous rating of Baa2 to A2.