Fitch Ratings upgraded Erie County, N.Y. to A-plus from A on Sept. 16 citing improved budgeting practices.
The move impacts $83.4 million in outstanding public improvement bond for the western New York county. The ratings agency, which changed Erie's outlook to stable from positive, noted "improved fiscal discipline" that has resulted in more positive operations and "adequate" reserve levels.
Fitch also assigned the new A-plus rating to three general obligation bonds totaling $62.1 million slated to sell via negotiation on Sept. 29. Proceeds from the three bonds will be used to fund capital improvements in the county and to refund a portion of its series 2005D-1 and series 2005D-2 bonds.
Erie has a diverse tax base and has experienced consistent growth in recent years, Fitch said. The county's economy has also transitioned from primarily manufacturing employment to jobs that are more centered by a mix of government, healthcare and higher education, according to Fitch.
