Moody’s Investors Service has assigned an Aa2 to Worcester County’s $25.4 million Consolidated Public Improvement Bonds, 2022 Series. In addition, Moody’s maintains an Aa2 on the County’s outstanding general obligation bonds.
According to the Moody’s rating analysis:
The Aa2 rating reflects the county’s sizable tax base, position as a major regional tourist destination. The tax base continues to grow and the county is working on trying to diversify its economy. Reserves in relation to budget are very stable and should remain strong. Its long-term liabilities are manageable despite ongoing capital plans.
The County will sell the bonds on October 18. The bonds are general obligations of the County and constitute a pledge of the county’s full faith and credit, the principal and interest on which will be payable from ad valorem taxes levied upon all taxable property within the county without limit as to rate or amount.
Proceeds from the bond sale will finance various improvements to the County’s jail, its public safety logistical storage facility, Stephen Decatur Middle School, and a wastewater treatment belt filter in the Oceans Pines service area.