New Hanover County receives sixth consecutive Triple-A bond rating

Posted October 1, 2018 at 12:28 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 October 4, 2018.

“New Hanover County has achieved a double Triple-A bond rating for six consecutive years from both of these notable credit rating businesses,” said County Manager Chris Coudriet. “What is even more remarkable is that we secured this rating immediately after Hurricane Florence, which is one of the most significant disasters in our local history and in the state’s history as well.”

The rating agencies did consider Hurricane Florence in their rating decisions, noting that New Hanover County’s solid financial position allows for budgetary flexibility in hurricanes and similar events.

The rating agencies also noted many other factors leading to a Triple-A rating including a strong economy, strong management, strong budgetary performance, and a strong liquidity position. S&P noted, “overall, the county’s tax base has experienced strong growth, as evidenced by a nearly 14% growth over just the past five years.”

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. This saves taxpayer money because the county can borrow funds at the lowest interest rate available.

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

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Communications and Outreach: 230 Government Center Drive, Suite 195 • Wilmington, NC 28403 • Phone 910-798-7461 • Fax 910-798-7277