HAUPPAUGE - Suffolk pro-active approach in addressing a potential 2009 budget shortfall, along with the county’s continued conservative fiscal management and cost containment initiatives, has earned the county a significant benefit—its highest bond rating ever from Standard & Poor’s.

“The upgrade on the outstanding bonds reflects continued strong management of the county's financial position,” said Standard & Poor's credit analyst Eden Perry.

Suffolk County Executive Steve Levy and County Comptroller Joe Sawicki also announced that Fitch Ratings has improved its record-high assessment of Suffolk by moving the county’s future outlook from ‘stable’ to ‘positive’. The third major rating agency, Moody’s Investor Services, affirmed its Aa3 Stable rating for Suffolk.

Based on the county’s research, Suffolk is the only county in New York State to receive a credit rating increase since the start of the calendar year and the start of the economic turmoil in these municipal markets.

“In today’s fiscal climate, this is outstanding news for our taxpayers,” said Levy. “Maintaining our high rating during this difficult economic time is quite an accomplishment—and we are proud that we have not only done that, we have also earned an upgrade from one agency and had our future outlook improved by a second agency.”

Sawicki added, “Today’s upgrade from Standard & Poor’s and the assignment of a positive outlook from Fitch acknowledges the county’s success in weathering these difficult economic times. I am convinced that, given our pro-active approach to addressing budgetary and cash flow issues, the marketplace will continue to hold Suffolk in high regard.  Improved credit ratings will result in savings for our taxpayers, and that’s good government.”