Moody's Investors Service said it has upgraded the Herkimer County, N.Y., general obligation rating to Aa3 from A1, affecting $7.9 million in outstanding debt.
The bonds are secured by the county's general obligation pledge as limited by the Property Tax Cap Act (Chapter 97 (Part A) of the Laws of the State of New York, 2011).
The Aa3 rating reflects the county's healthy financial position evidenced by increasing annual surpluses and solid reserve levels; large tax base in central New York; and a minimal debt profile.
