Harrison Fire District No.1 (Aa1) issuer rating reflects the district’s modest tax base size, high wealth metrics for the region, excellent reserve levels, though we expect these to decline post issuance, and minimal debt burden. Governance is a primary driver of the rating and management has historically shown strong budget performance. Coronavirus is not a major driver of the rating given that the majority of the district’s revenues are property taxes which have not seen any delays.

We consider the outstanding debt to be GOLT because of limitations under New York State law on property tax levy increases. The lack of distinction between the Aa1 GOLT rating and the Aa1 Issuer rating reflects the district board's ability to override the property tax cap and the faith and credit pledge in support of debt service.