Wall Street upholds Nassau credit rating

Wall Street has upheld Nassau's current credit rating despite the county's strained finances.

With Nassau planning to borrow $210.9 million by the end of April to pay for construction projects, employee severance and court judgments, Moody's Investors Service this week affirmed the county's "A1" rating and continued a negative outlook.

"I am pleased that all three rating agencies affirmed the county's ratings when all municipalities are facing extreme fiscal stress," said County Executive Edward Mangano.

S&P said Nassau "has made significant strides" in reducing costs. But Moody's said its negative outlook reflects doubts that the county can quickly achieve a balanced budget. The county projects a $69 million deficit by year's end without additional spending cuts.