NEW YORK - Fitch Ratings said it cut the credit rating for Suffolk County, N.Y., one notch to A-plus on Wednesday, citing “persistent” operating deficits and the reliance on one-shot revenue measures.
Fitch also assigned Suffolk County a negative rating outlook.
About $1.3 billion of general obligation bonds was downgraded and Fitch warned the county could be downgraded again.
“Fitch will continue to closely monitor the county's progress and if necessary take further downward rating action if some degree of progress is not obtained in the medium term,” the agency said in a statement.
