Sawicki rebukes Wall St. rating agencies

Suffolk Comptroller Joseph Sawicki has sent blistering letters to Wall Street rating agencies that without advance warning raised prices for their services by 50 percent to 67 percent in the county's latest $101 million bond issue. Standard & Poor's increased its fees 50 percent, from $23,580 to $35,400; Moody's by 60 percent, from $24,050 to $38,500, and Fitch by 67 percent, from $18,000 to $30,000.

"In these challenging economic times, neither the county budget or its taxpayers can support these dramatic rate increases," Sawicki wrote in a letter. He warned that to reduce costs in future borrowings, Suffolk may seek ratings from only two of the three agencies. So far, Sawicki said, he received a response from Moody's, offering to work with county officials.-- Rick Brand