Fitch Affirms Westchester County, New York's GOs at 'AAA'; Outlook Stable

NEW YORK--(BUSINESS WIRE)--Fitch Ratings takes the following action on Westchester County, NY's general obligation (GO) bonds:

--$130.2 million general obligation serial bonds, 2010 series B affirmed at 'AAA';

--$20.8 million general obligation bonds, 2010 series C-1 affirmed at 'AAA';

--$22.2 million general obligation bonds, 2010 series C-2 affirmed at 'AAA;

--$672 million in outstanding Westchester County GO bonds affirmed at 'AAA'.

The Rating Outlook is Stable.

Fitch corrects its statement made on Feb. 5, 2010 that the county expected to end fiscal 2009 with a $9 million general fund operating surplus. A subsequent review of the county's unaudited operating results shows a projected operating deficit of approximately $49 million for fiscal 2009. While the weaker results are a concern to Fitch, the resulting general fund balance remains at an adequate level for the rating category given the county's numerous credit strengths.

For more information on the city, see Fitch's rating action commentary titled 'Fitch Rates Westchester County, New York's $173MM GOs 'AAA'; Outlook Stable' dated Feb. 5, 2010.

These rating actions reflect the application of Fitch's current criteria which are available at 'www.fitchratings.com' and specifically include the following reports:

--'Tax-Supported Rating Criteria' (Dec. 21, 2009);

--'U.S. Local Government Tax-Supported Rating Criteria' (Dec. 21, 2009).

Additional information is available at 'www.fitchratings.com'.

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