County Bond Rating Goes Up - Johnston County's bond rating has been raised from AA- to AA by Standard and Poor's rating service. County Manager Rick Hester said the move is important because it will decrease the county’s cost of borrowing money. "Elevating our bond rating has been a high priority of the Board of Commissioners," he said. Hester said the rating analysis he received from Standard and Poor's listed several actions of the county which are responsible for the higher rating. Among them are strong management practices, a healthy fund balance, programs to attract jobs to the area, and commitment to infrastructure development including the expansion of self-sufficient public utilities, highway and road construction, and public school upgrades. "We just passed a bond referendum and in the next few weeks we're going to be selling the first installment of that referendum in the amount of $32 million, and also the last installment of the 2005 bond referendum in the amount of $20 million," Hester said. "We hope with the new rating to acquire an interest rate somewhere near 4 and 4 1/2 percent." David Rose, senior vice president at Davenport & Company LLC and financial advisor to Johnston County, said the latest upgrade marks the third time in five years the county's bond rating has been upgraded. "This sends a clear signal to Wall Street that Johnston County continues to grow fiscally stronger with each passing year," Rose said.
Tuesday, July 17, 2007
Good news: Johnston County's bond rating is up. Band news: we still have a bunch of bonds passed and will continue to float more
From the WMPM news page: