Boone County Earns Highest Credit Rating from Moody's
The Boone County Fiscal Court earned the highest possible credit rating from Moody's.
The Triple-A rating was announced on Thursday.
It is an upgrade for the county from its previous rating of Double-A.
Moody's cited the county's large and expanding tax base, a strong balance sheet, above-average income levels, and modest outstanding debt in making the determination.
"(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 said in its report of Boone County. "The county's financial position will remain healthy due to growing revenue streams, management's commitment to long-term financial planning, and adherence to prudent fiscal policies."
"This is outstanding news for our residents," Boone County Judge/Executive Gary Moore said in a news release. "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."
"Only a small percentage of governments nationwide have achieved a Triple-A bond rating," said County Administrator Jeff Earlywine. "This upgrade is a reflection of the support from our elected officials and performance of the county's management team."