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KBRA Affirms AA+ Rating on County of Rockland, NY General Obligation Bonds; Outlook Stable

21 Sep 2026   |   New York

Contacts

KBRA affirms the long-term rating of AA+ on the County of Rockland, NY General Obligation Bonds. The Outlook is Stable.

Key Credit Considerations

The rating was affirmed because of the following key credit considerations:

Credit Positives

  • Solid General Fund revenue performance, spending controls, and conservative budgeting practices have supported structural budgetary balance and a recent history of operating surpluses.
  • Substantial fund balance has materially improved expenditure flexibility and provides a cushion against economic downturns.
  • Favorable prospects for continued revenue-generating capacity.

Credit Challenges

  • Sales tax collections, which account for roughly 40% of General Fund revenue, are economically sensitive and include a portion that requires periodic reauthorization.

Rating Sensitivities

For Upgrade

  • A continued trend of favorable operating performance, supported by robust reserves and liquidity.
  • Improved property tax revenue growth, within the constraints of the Tax Levy Limitation Law, that reduces the County’s reliance on sales tax revenues.

For Downgrade

  • A drawdown in unassigned fund balance below the County’s target of 10% of General Fund operating expenditures, or evidence of sustained liquidity deterioration.
  • Material and persistent sales tax revenue declines, given statutory limitations on property tax growth.
  • Significant unbudgeted expenditures that impair structural budgetary balance.

To access ratings and relevant documents, click here.

Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1017143