Standard and Poor’s Rating Services has given an upward revision to Saratoga County’s bond rating.
The rating agency affirmed the county’s “AA” rating and shifted its outlook for the county’s future credit from “negative” to “stable.”
The change reflects that the county in 2013 reversed a multiyear trend of drawing down its financial reserves, and added to the reserves for the first time in several years.
“The county should be able to maintain its improved financial position given the planned sale of Maplewood Manor Nursing Home, which has historically required general fund subsidies,” the rating agency said in an explanatory statement.
The county supervisors during 2013 approved a plan to sell the nursing home for $14.5 million, though that deal isn’t yet final. The county’s fund balance, meanwhile, grew from $10.5 million on Dec. 31, 2012, to $20.2 million at the end of last year.
The rating review was triggered by the county’s decision to redeem $18 million in short-term bond anticipation notes for sewer construction work and convert them into 20-year bonds.