New Hanover County receives Triple-A bond rating

Posted July 19, 2017 at 2:50 pm     Category: County ManagerFinanceNews Release

NEW HANOVER COUNTY, NC – New Hanover County has received a Triple-A bond rating, the highest rating a county can achieve, from both Moody’s Investor Services (Moody’s) and Standard & Poor’s Rating Services (S&P) on its general obligation bonds set for sale on July 25, 2017.

“Through the sound policy choices of our County Commissioners and effective management by our staff, New Hanover County has achieved a double Triple-A bond rating again – a status the county has held for five consecutive fiscal years,” said County Manager Chris Coudriet. “To be rated Triple-A by both Moody’s and S&P is a rare and distinguished position to be in. It offers the county the lowest interest rate available when borrowing funds and ultimately translates into savings for the taxpayers of New Hanover County.”

The Triple-A rating is instrumental in assisting the county in achieving the lowest cost on its upcoming issuance of general obligation bonds, to be used for school construction and renovation projects.

The county’s sound financial position was, once again, a driving factor in the affirmation of the county’s credit worthiness. Both Moody’s and S&P note the county’s strong financial performance and reserves, as well as the county’s solid financial flexibility and liquidity levels. Moody’s specifically highlighted the county’s “dynamic local economy, strong financial operations with sound reserves, and an elevated but manageable debt burden.”

The rating reports also focused on the continued growth and strength of the overall local economy, discussing the county’s diverse industries and growing tax base. The county’s tax base has increased through private investments of $2 billion since July 2012.

New Hanover County is one of approximately 79 of the nation’s 3,069 counties with a Triple-A rating from two of the major rating agencies, which places the county in the top 2.5% of all counties.

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Release Contact:
Jessica Loeper
Communications & Outreach Coordinator
910-798-7461

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