Fitch Ratings yesterday assigned an AA+ rating to Washington County’s 2021 series of general obligation bonds, deeming its fiscal outlook as stable. The AA+ rating keeps borrowing costs low for capital projects, and reflects the County’s sound fiscal policies, prudent long-range planning, and robust economy.
In addition, Fitch has affirmed the County’s AA+ Issuer Default Rating (IDR) and the AA+ rating on approximately $165 million of outstanding GO bonds. The Rating Outlook is Stable.
On May 4, the County will sell $10.7 million in bonds via competitive bid. Proceeds from the bonds will be used to pay for various capital projects.
According to the Fitch Ratings Analysis:
The ‘AA+’ rating reflects Fitch’s expectation that the county will maintain a high level of financial flexibility through economic cycles supported by its highest level of gap-closing capacity, including a solid level of expenditure control and strong ability to raise revenues. The county’s burden associated with debt and retiree benefits is low as a percentage of personal income and is expected to remain low based on manageable debt issuance plans and a practice of fully funding the required pension contributions.