- Published on Tuesday, 18 March 2014 19:49
- Written by Super User
NEW HANOVER CTY - New Hanover County announced March 17th, Standard and Poor's affirmation of the County's continued financial strength with their AAA rating. Standard and Poors Rating Services, a rating agency who rates New Hanover County's long-term debt instruments, affirmed the County's AAA rating, the agency's highest rating, on its long term general obligation bonds. Originally upgraded in June 2013, this affirmation is the result of a second review under S&P's more stringent rating standards adopted in September.
“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 fiscal responsibility and effective management," Coudriet added.
Standard and Poor's affirmation of the AAA rating reflects the agency's view on several factors, including the strong economy, noting that New Hanover County was serving as an economic and cultural hub for eastern North Carolina.
They also noted that the County had strong budgetary flexibility, performance and liquidity, citing the County's ability to maintain its available reserve in line with target.
The report discusses the County's strong management and well-embedded financial management policies and practices as well as the County's overall debt profile which is sees as satisfactory.
The County's AAA rating from Standard and Poors Corporation matches the County's rating from Moody's Investor Service which also rates the County's general obligation bonds at Aaa, the highest rating given by that rating agency.
The County's AAA rating affords it lower interest costs on its debt used to finance essential government capital purchases and projects.
Source: New Hanover County.