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But any letter-rating upgrades will be supplied in an "expeditious time frame," the department said.
But the county ended the last fiscal year with a $21.7 million surplus and was the only municipality in the country to receive two credit rating upgrades during the 2003 calendar year.
Since County Executive Thomas R. Suozzi took over two years ago, his administration has cut the work force, balanced the budget, acquired surpluses and won several bond-rating upgrades.
Brazil's recent sovereign-rating upgrades from Standard & Poor's and Fitch, two rating agencies, have made the place easier to sell to foreign investors.
With $70 billion in reserves and lower interest payments on its debt after recent credit rating upgrades, the Philippines pledged $1 billion to the International Monetary Fund to help shore up the struggling economies of Europe.
Rating upgrades and downgrades closely follow economic trends.
Shares of Peugeot rose 6.4%, following a series of rating upgrades.
A review by Forbes of the Moody's database suggests that only four schools–University of North Carolina, Bryn Mawr College, Missouri State University and California State University Fresno have received rating upgrades this year.
The following table lists seven companies that received credit rating upgrades by either S&P, FitchRatings or Moody's Investor Service during the first three months of the year.
Kick-back-fueled renovation bids result in third-rate "upgrades" on everything from panda cages to peacock gardens.
Recently, the Philippine National Statistical Coordination Board reported that despite the series of consecutive credit rating upgrades made by various agencies over the past 3 years, poverty levels in the Philippines remain unchanged.
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