Fitch Ratings Gives County of SLO Top Credit Rating
Author: Administrative Office
1/6/2020 10:54:14 AM
The strong credit rating saves taxpayer dollars by allowing the County to pay lower interest rates on bonds issued to finance vital projects, such as the new Animal Services Facility.
The County of San Luis Obispo has received the highest possible bond rating available in financial markets indicating its credit is of the highest quality, according to global credit rating agency Fitch Ratings.
Fitch Ratings recently reaffirmed the County’s bond rating after it completed its annual surveillance of the County.
“Receiving the highest possible bond rating is testimony to the importance the County Board of Supervisors places on sound fiscal management,” said County Administrative Officer Wade Horton. “The strong credit rating saves taxpayer dollars by allowing the County to pay lower interest rates on bonds issued to finance vital projects, such as the new Animal Services Facility.”
Near the end of 2019, Fitch Ratings affirmed the County’s Issuer Default Rating (or general obligation) at AAA, and AA+ for the County’s pension obligation bonds and lease revenue bonds, both representing the highest rating issued by Fitch for the respective type of debt.
“Bond ratings serve as an important independent assessment of the County’s financial management practices and its ability to meet long-term financial obligations,” said Jim Hamilton, the County’s Auditor-Controller-Treasurer-Tax Collector-Public Administrator. “The strong credit rating received from Fitch reaffirms the County’s longstanding commitment to responsible fiscal management, maintaining healthy reserves, and prudent use of debt.”
Fitch Ratings is an international credit rating agency based out of New York City and London. Investors use the company's ratings to evaluate the quality of debt sold in financial markets. Fitch Ratings considers a variety of factors in determining local governmental ratings, such as strength of financial performance, stability of the local economy, and debt levels.
For more information, visit www.slocounty.ca.gov/ACTTC.