Wednesday, October 28, 2009

Rating Reflects County’s Solid Financial Position, Strong Fund Balance and Low Debt

Kingston, NY (October 28, 2009) - Ulster County Executive Mike Hein is pleased to
announce that Standard and Poor’s has affirmed Ulster County’s favorable, AA- long-term

In reaffirming the County’s rating, Standard and Poor’s cited Ulster County’s continued solid
financial position and strong fund balance levels, despite decreases in tax revenues, along
with the County’s low overall debt profile and manageable capital plan. Standard and Poor’s
rating follows a similar positive rating made by Moody’s Investor’s Services in June of this year.

County Executive Hein said, “The investment community has recognized that we are making
the tough decisions required to manage Ulster County’s finances during these difficult times.
Standard and Poor’s has seen we will make the same hard choices American families are
making everyday. This rating is an acknowledgement of our sound management practices as
we work to deliver essential services and protect Ulster County taxpayers.”

“The Standard and Poor’s affirmation reflects a very well managed government that has
excellent financial policies in place. It is impressive because it has occurred during some
of the most difficult financial times,” said Ulster County Comptroller Elliot Auerbach.

(Comptroller's note-The bond rating determines the amount of interest the municipality has to pay to borrow money, akin to a consumer's credit score). The better the rating, the less the county has to pay and that translates into huge potential savings on bond issuance.)

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