County of Guilford issued the following announcement on Mar. 3.
Guilford County announces that all three major national bond rating agencies: Fitch Ratings, S&P Global Ratings, and Moody’s Investor’s Service, have reaffirmed the county's AAA bond rating. Bond rating experts met with County leaders to review the health and stability of the county and its economy, the county’s operational and fiscal management practices, and recent economic development announcements. Guilford County is one of just 48 counties nationwide and one of only six North Carolina counties to receive a AAA rating, the highest rating available, from all three rating agencies. This top-tier credit rating allows the county to secure low interest rates when selling bonds to fund community needs.
“Having our AAA bond rating reaffirmed reflects a solid vote of confidence in Guilford County, how the public’s resources are being managed, and our area’s recent economic development announcements,” said Guilford County Manager, Michael Halford. “Our residents can feel assured we are working to secure a bright future in Guilford County and are good stewards of their dollars.”
S&P Global Ratings noted, “Guilford County continues to grow, with significant economic development anticipated over the next decade. Strong management has been proactive with regard to managing the budget through the pandemic, generating strong surpluses in fiscal years 2020 and 2021 contributing to fund balance growth, and is strategic in its management of fund balance.”
Moody’s evaluation cites, “The stable outlook reflects the continued growth of the county's tax and employment base. The outlook also incorporates the county's healthy financial position and adherence to formal financial and debt policies, which will continue to support stable financial operations going forward.”
Fitch Ratings said the county “demonstrates exceptionally strong resilience to credit pressure associated with a moderate economic downturn due to expected stability of revenues and the strength of its available reserves and other budgetary tools.”
The County has seen a strong rebound in unemployment to pre-pandemic levels, and recent announcements within the business community are showing a strong and stable economic outlook with continued growth in the employment base.
The issuance of bonds by the County include the first $120 million of the $300 million of General Obligation School Bonds approved by voters via referendum in November 2020 and $41 million in General Obligation Public Improvement Bonds for Capital Improvement Projects throughout the County. County projects include renovations to the Governmental Plazas and Courthouses in Greensboro and High Point, renovations to the Greensboro and High Point Detention Centers, renovations to the Public Health Department in Greensboro, and renovation and development of County parks.
Original source can be found here.
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