Sussex County’s Bond Rating Upgraded

by Dave on June 22, 2010

Sussex County is making the grade when it comes to its overall financial management, according to a globally respected credit rating agency.

Moody’s Investors Service on Monday, June 21, 2010, upgraded the County’s general obligation bond rating – a credit score for businesses and governments – from Aa2 to Aa1. The rating is one step below Moody’s highest bond rating of Aaa.

The credit rating upgrade “reflects the County’s substantially improved and healthy financial position, maintained by prudent fiscal management that resulted in materially greater financial flexibility and stronger reserve levels,” Moody’s said in its statement. The firm praised the County for its “strong management” and its “commitment to maintaining healthy reserve levels” in making its announcement.

Bottom line, the rating upgrade means more affordable loans for the County government, and makes Sussex County more attractive to investors who buy the bonds used to pay for the County’s sewer construction projects, for instance.

“This is excellent news for the County government and our citizens,” said County Administrator David B. Baker. “The bond rating upgrade will make it easier for the County to borrow money, especially in this tough economic time. If Sussex County was in the market to buy a house or car, we would show as having an excellent credit rating. You can’t get much better than this.”

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