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.
Moody's and S&P credited the Nassau Interim Finance Authority, a state board that took control of the county's finances last year, for helping the county balance its $2.6 billion budget -- though Fitch said NIFA has made decision-making "more cumbersome."
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.
Suffolk County currently has the same Moody's rating and outlook.