- Published on Wednesday, 26 June 2013 23:09
- Written by Super User
NEW HANOVER CTY - New Hanover County government has received the highest rating by Standard and Poor’s bond rating for its general obligation bonds.
The Standard and Poor's Rating Services recently informed the county of its new AAA designation. The AAA rating matches the county's AAA bond rating with Moody's Investors Service.
“Achieving this rating, illustrates that New Hanover County is a sound financial investment,” said County Manager Chris Coudriet. “Our superior bond rating and outstanding credit affirms our status as a fiscally responsible and sound local government," Coudriet added.
According to the report released by Standard and Poor’s, the AAA rating reflects the county’s:
Stable and diverse economy that serves as a regional economic hub, with large tourism, manufacturing, retail, and retiree sectors;
Strong financial performance with strong reserves that were supported by strong financial policies and practices; and
Good Income and wealth levels and a low-to-moderate overall debt level with manageable near-term capital.
Staff has formalized policies that address the county's fund balance and debt management by providing specific guidance on the debt types and levels the county can issue. These policies, adopted by the New Hanover County Board of Commissioners in May, were instrumental in Standard and Poor's decision to upgrade the County's financial management assessment to "strong" from its previous rating of "good."
Achievement of this prestigious designation, New Hanover County enters the ranks with only 5 other counties in North Carolina that share a AAA with both Moody's Investor Services and Standard and Poor's, joining Durham, Forsyth, Guilford, Mecklenburg, and Wake counties.
New Hanover County further joins an elite group throughout the country, being one of 74 counties to achieve the AAA rating from Standard and Poor's, out of the 3,143 counties in the country.
Source: New Hanover County.