Boone County Earns Highest Possible Bond Rating: Triple- A
Moody’s Investors Service has assigned a Triple –A (Aaa) rating to Boone County’s $4.4 million General Obligation (GO) Bonds, Series 2018. Moody’s has also upgraded to Triple A, from Double A (Aa1), the rating on the County’s $9 million of rated outstanding GO Debt.
The upgrade to Triple-A (Aaa) reflects local conditions such as, a large and expanding tax base, the County’s strong balance sheet, above average income levels, and modest outstanding debt.
In the official Credit Opinion dated December 5, 2018, Moody’s reported “(County) Management has a long history of maintaining strong reserves and liquidity, supported by conservative budgetary practices and adherence to formal fiscal policies.” Moody’s further reported “The County’s financial position will remain healthy due to growing revenue streams, managements' commitment to long-term financial planning, and adherence to prudent fiscal policies.”
“This is outstanding news for our residents,” said Judge/Executive Gary Moore. “The upgrade will result in a direct savings to the taxpayer with our upcoming bond sale. This long sought after rating upgrade is a validation of our fiscal management and disciplined spending practices.”
County Administrator Jeff Earlywine commented “Only a small percentage of local governments nationwide have achieved a Triple-A (Aaa) bond rating. This upgrade is a reflection of the support from our elected officials and performance of the County’s Management Team.”