Worcester County Receives Bond Rating Upgrade

Worcester County received an upgrade from AA to AA+ from Standard & Poor in its most recent meeting with the bond ratings agency.  Fitch Ratings & Moody’s Investor Service confirmed that the county’s finances are still in good health.

From the Worcester County news release,

In March 2014, Standard and Poor’s raised its rating on Worcester County’s general obligation (GO) debt one notch, from AA to AA+, based on recently implemented local GO criteria published September 12, 2013 on Ratings Direct, as well as the county’s strong financial performance supported by management’s strong policies and practices.

Concurrently, Fitch Ratings assigned an AA rating to Worcester County’s $48.3 million Consolidated Public Improvement Bonds, 2014 Series and a stable AA rating on the county’s $67.6 million outstanding GO bonds. Moody’s Investors Service assigned a stable Aa2 rating to Worcester County’s $48.3 million Consolidated Public Improvement Bonds, 2014 Series and affirmed the Aa2 rating on the county’s existing outstanding parity debt, stating that the bonds are secured by the county’s unlimited ad valorem tax pledge.

“During our meetings with Fitch Ratings, Standard and Poor’s and Moody’s Investor Services, they each carefully examined the county’s tax base, financial reports, recent economic trend data, as well as our debt burden and financial policies,” Finance Officer Phil Thompson said. “These ratings clearly indicate that the county continues to make prudent financial decisions during challenging economic times. The relationship and cooperation between our leadership, the staff and our community leaders is something to be very proud of.”

To read more about Worcester County’s bond ratings, visit Worcester County’s website.

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