A high rating but low outlook
Schenectady County looks past negative Moody's hit
Paul Nelso, Times Union
By Paul Nelson
Published 8:54 pm, Friday, March 14, 2014

Schenectady County Legislature Chairman Anthony Jasenski and other Democratic leaders are downplaying a recent report by Moody's Investors Service that gave a negative outlook on the county's credit rating.

Jasenski said the county continues to maintain an Aa1 rating, Moody's second-highest bond rating.

While Moody's cited the county's "substantial, diverse tax base," and "favorable sales tax trend," the negative outlook means the county is at risk of a downgrade in its bond rating. The rating is on $48.6 million in parity debt, that is with collateral equal to the value of the debt.

Jasenski said County Manager Kathleen Rooney told him the report is a "great reflection on what we're trying to accomplish." Jasenski said that meant the county is controlling costs and is more efficient.

Moody's based its negative outlook on a "narrowed financial position as a result of general fund balance to fund county operations, as well as a large upcoming increase in long-term debt associated with a county-owned nursing home."

The report says the county "may be challenged in the near term to regain structurally balanced operations given increasing fixed costs including debt service."

Minority Leader James Burhmaster, a longtime critic of the construction of Glendale Nursing Home in Glenville, said the county needs to "let the nursing home go private, then we won't have these expenses."

"We keep putting off until tomorrow what we're doing today," said the Republican lawmaker. The new nursing home is scheduled to open in June.

Joe McQueen, the county spokesman, said the county requested this review from Moody's to refund existing serial bonds to reduce their interest rate. He said the anticipated saving from the refinancing is expected to save Schenectady County taxpayers $80,000.

The firm's highest rating is Aaa, followed by Aa1.
http://www.timesunion.com/local/article/A-high-rating-but-low-outlook-5319231.php

SARATOGA COUNTY IS SELLING OFF THEIR NURSING HOME. BUT THESE DEMOCRATIC FOOLS ARE SMOKING TOO MUCH WEED TO REALIZE THAT THEY NEED TO GET OUT OF THE NURSING HOME BUSINESS. LEAVE IT FOR THE PRIVATE SECTOR TO PROVIDE A NURSING HOME! MOODY'S IS CORRECT SCHENECTADY OUTLOOK IS GRIM AND DARK DAYS ARE AHEAD FOLKS!

[img]County Manager Kathleen Rooney told him the report is a "great reflection on what we're trying to accomplish."[/img]

If by making Schenectady the tax ridden, infastructure poor, slumhole that no one can afford to live in - they've succeeded.  

If they're trying to re-vitalize Schenectady, they've failed, miserably.

It's time to bring back Mayor Stratton.

Quoted from HarryP

[img]County Manager Kathleen Rooney told him the report is a "great reflection on what we're trying to accomplish."[/img]

If by making Schenectady the tax ridden, infastructure poor, slumhole that no one can afford to live in - they've succeeded.  

If they're trying to re-vitalize Schenectady, they've failed, miserably.

It's time to bring back Mayor Stratton.

The Stutterer Stratton is the one who got us in this mess in the first place now McThug is implementing his FAILED policies.

Quoted from firefox

SARATOGA COUNTY IS SELLING OFF THEIR NURSING HOME. BUT THESE DEMOCRATIC FOOLS ARE SMOKING TOO MUCH WEED TO REALIZE THAT THEY NEED TO GET OUT OF THE NURSING HOME BUSINESS. LEAVE IT FOR THE PRIVATE SECTOR TO PROVIDE A NURSING HOME! MOODY'S IS CORRECT SCHENECTADY OUTLOOK IS GRIM AND DARK DAYS ARE AHEAD FOLKS!

the taxpayers will have fixed it up for a private take over....unless they like the union vote and the SCCC connection

And will it come to pass that once the County gets ever so deeper in RED ink that then they will decide to privatize the Home, and tout that it is being done to save the taxpayers $$$$.   This after leaving the taxpayers on the hook for the building of the new facility.

Quoted from firefox

SARATOGA COUNTY IS SELLING OFF THEIR NURSING HOME. BUT THESE DEMOCRATIC FOOLS ARE SMOKING TOO MUCH WEED TO REALIZE THAT THEY NEED TO GET OUT OF THE NURSING HOME BUSINESS. LEAVE IT FOR THE PRIVATE SECTOR TO PROVIDE A NURSING HOME! MOODY'S IS CORRECT SCHENECTADY OUTLOOK IS GRIM AND DARK DAYS ARE AHEAD FOLKS!

It ain't weed. All these DEMS incompetents care about is their SEIU contribution which they forget to report. Buhrmaster is right on the money and this County is going
bankrupt because of the nursing home insanity. This County home is losing $500,000 a month which you have to make up. Moody's is wrong about sales tax revenue which is flat because of the DEM retail free Downtown and implosion at Rotterdam Square Mall. Saratoga, Montgomery, Fulton are all out of the nursing home business with no decrease in
care for needy seniors. Albany is getting out of the nursing home business. The cheese stands alone. Re-elect who?

It is noted by all that DV is NOT commenting on this.  Wonder why?