Suffolk has successfully sold $188.7 million in tax-exempt bonds through a competitive sale, raising funds to support its ongoing capital improvement program, according to County Comptroller John Kennedy.
Jefferies, LLC, a leading global full-service investment banking and capital markets firm, submitted the winning bid at a 2.96% interest rate — the lowest the county has achieved in several years. The sale drew robust investor interest, with overall bids totaling $1.5 billion.
“This was a highly successful sale with great results for our taxpayers,” Kennedy said. “Strong investor confidence in the county’s credit worthiness and conservative fiscal management helped us secure these favorable financing terms.”
Proceeds from the bond sale will fund critical infrastructure projects, including road repairs, facility upgrades, and other public assets, the Comptroller said.
The successful sale reflects the county’s continued fiscal stability and disciplined financial management, according to County Executive Ed Romaine, who highlighted the importance of long-term budgeting in maintaining Suffolk’s strong credit ratings.
“The market has faith in our ability to pay our debts — debts which fund roads, bridges, sewering, and other vital infrastructure — and accordingly lends money to us at a lower interest rate,” Romaine said.
Since 2024, the county has seen its credit ratings reaffirmed at ‘AA-’ by the agencies S&P and Fitch, with Fitch also upgrading a number of the county’s outstanding bonds. Romaine credited the county’s conservative budgeting, growing reserves, and careful allocation of resources for these achievements.
He emphasized that fiscal discipline has not come at the expense of services, citing improvements in police staffing, DSS processing times, and 311 call response.
By leveraging its strong credit and low borrowing costs, Suffolk County continues to invest in infrastructure and public services while keeping taxpayer costs down. “These efforts position Suffolk for further credit improvements and long-term financial resilience,” Romaine noted.