All three of the financial credit agencies have downgraded Westchester County's ratings due to its major financial problems.

It is currently running an $18 million budget deficit this year. The financial credit agencies downgraded the credit rating to one step below the highest ranking, making it more expensive to borrow money.

County Executive George Latimer says the news is unfortunate but expected because taxes weren't raised for eight years.

The credit agencies blamed the credit rating downgrade on a dwindling rainy day fund and the retroactive raises the county gave when it settled its CSEA contract.

The news comes in the wake of a tough budget proposed by Latimer. It includes selling off a county parking lot to take care of another expected deficit next year.

Ben Boykin, the Democratic chairman of the county Board of Legislators, says the credit downgrade is a minor setback and insists they have a plan to get back on track. He says it starts with the 2019 budget.

Latimer insists his goal is to have a AAA bond rating before he leaves office.