Long Island's Suffolk County reported debt service savings of $6 million from recently-issued 2015 refunding bonds.
Suffolk County Comptroller John M. Kennedy announced on March 10 that the county received "unprecedented level of market support" for the issued bonds with 11 separate bids.
The county competitively sold $21.6 million of 2015 Series A and $54.5 million of 2015 Series B refunding bonds on Feb. 19 with Citi winning both sales.
The bonds were insured by Assured Guaranty Municipal, rated AA by Standard &Poor's and AA-plus by Kroll Bond Rating Agency.
Both issues received underlying ratings of A-plus from Standard & Poor's, with a negative outlook and A from Fitch Ratings with a stable outlook.
Moody's Investors Service, which rates Suffolk County A3, was not asked to rate the deal, according to its official statement.
Kennedy said the refinancing will result in saving $600,000 for 2015 with the bonds slate to be fully repaid by 2026. Kennedy added that he will continue analyzing bonds and seek to save debt service costs on the county's remaining $1.4 billion of long-term debt.
"I was very pleased that our decision to issue a competitively placed offering resulted in so many bids," said Kennedy in a statement. "We will continue with more efforts to save the county and taxpayers money."
