RyeCity REVIEW THE
November 25, 2022 | Vol. 10, Number 47 | www.ryecityreview.com
Moody’s assigns county Aa1 rating
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STUNNER Moriah’s Rowan Swan carries the ball against Tuckahoe during the Class D state quarterfinals on Nov. 18 at Arlington High School. The Vikings edged the Tigers in a thriller that came down to the final minute of play. For story, see page 16. Photo/Mike Smith
Lifting Up Westchester receives $200K from KeyBank to launch career center Lifting Up Westchester, LUW, a community-based, social services agency providing life-changing support to Westchester County residents in crisis, announces receipt of a two-year, $200,000 charitable grant from KeyBank Foundation to launch a new Career Center. The center will take a holistic approach to strengthening people’s stability and self-sufficiency. The groundbreaking project will combine a variety of resources that will position LUW to help address a broader set of unique challenges individuals are experiencing—the employment stability and wage advancement of extremely low-income and Asset Limited, Income Constrained,
see LUW 9
From left, Charles Stott, LUW Director of Shelters; Willa Brody, LUW COO; Deborah Hertz, LUW Director of Program Design; Anahaita Kotval, CEO; John Manginelli, KeyBank Market President, Elona Shape, KeyBank Area Retail Leader; Analisha Michanczyk, KeyBank Corporate Responsibility Office, Sybil St. Germain, KeyBank Philanthropy Coordinator; and Edona Ismaji, KeyBank Experience Leader.
Westchester County had its Aa1 rating reaffirmed by Moody’s Investors Service.
Moody’s Investors Service has assigned an Aa1 rating to Westchester County’s General Obligation Bonds—2022 Series A, 2022 Series B and 2022 Series C. The bonds have anticipated par values of $142.3 million (Series A), $27.4 million (Series B) and $71.6 million (Series C). Moody’s also affirmed the county’s Aa1 issuer rating, the Aa1 rating on the county’s outstanding general obligation limited tax bonds and the Aa2 appropriation lease rating. The Aa1 rating assignment reflects the county’s diverse and resilient economy, which is highlighted by strong resident wealth, a sizeable corporate base, and healthy full value per capita. The county’s economy also continues to benefit from its proximity to New York City, which pre-pandemic, allowed it to serve as a desired hub for workers commuting into the city. Since the pandemic, the county has benefitted from county commuters who now allocate more time working and spending within the county.
In addition, the post-pandemic changes to work patterns have further boosted the competition for housing in what was already a very competitive residential market. Though this strength will be somewhat dampened by heightened interest rates, the county’s comparative value relative to Manhattan will likely allow it to maintain a resilient housing market. The rating also reflects financial performance that has continued as anticipated at the time of our last review in November 2021, when we expected balanced operations and moderate surpluses for fiscal 2021 and 2022. This expectation has been realized as a result of a combination of conservative revenue budgeting, disciplined expenditure controls and the receipt of federal monies. Consequently, the county’s fund and cash balance ratios, while still well below the median for the sector, nonetheless reflect continued improvement and will likely remain stable in fiscal 2023.