...Analytical Conclusion: The county's legal ability to raise revenues from a diverse and wealthy base and demonstrated ability to quickly reduce spending, in conjunction with a moderate liability burden, keep the rating solidly investment grade. However, aggressive budgeting practices and a policy choice to maintain minimal operating reserves are unusual for a Fitch- rated local government and keep the county's Issuer Default Rating (IDR) well below the `AA' average for the sector. Economic Resource Base: The county is located just east of New York City, with a population of approximately 1.4 million that has remained fairly steady since 2000. Growth prospects are limited as the county is built out, but there are modest re-development opportunities....
