Bloomberg News
Westchester County, New York, plans to issue roughly $189 million in general obligation bonds, with Fitch Ratings giving the debt a top-tier AAA rating.
The affluent county on New York City’s northern border, home to suburbs like Scarsdale and Rye, will use the proceeds from the sale expected in February for various capital improvements, according to Fitch.
In December, the county’s legislators passed a
Fitch analysts, led by Margot Johnston, said in a December report that recent gains in biotech, health care and retail are boosting economic profile of the county, home to just shy of 1 million residents.
Morgan Stanley is renovating its corporate campus in Harrison, which is expected to create about 2,700 permanent jobs, according to Fitch.
Also in Harrison, NRP Group is building a
“The tax base is experiencing an uptick in residential and commercial development throughout the county particularly in Harrison, Ossining, Sleepy Hollow and Hastings-on-Hudson,” the Fitch analysts wrote. “County officials expect full property values to see continued growth reflecting residential housing price appreciation and ongoing expansion in the local economy.”
Westchester County will issue the debt in three series, with most of the debt being tax-exempt general-obligation bonds. About $29.9 million of the bonds are expected to be taxable, Fitch said in the note.
Fitch upgraded the county from AA-plus in November 2023.
Moody’s Ratings and S&P Global Ratings have not weighed in ahead of the coming deal.
Moody’s rates the county Aa1 with a stable outlook, and S&P rates it AA-plus with a positive outlook that it lifted from stable in November 2023.
The deal is expected to sell competitively the week of Feb. 3.