Rating agencies affirm county's AAA bond ratings
Orange County ‘AAA’ bond rating was recently affirmed by the three major rating agencies: Standard & Poor’s, Moody’s Investors Service and Fitch Investors Service. The ratings affirmations were released as part of Orange County’s planned Series 2019B Limited Obligation Bonds to finance the county’s annual Capital Program, which includes the first phase of the new Northern Campus and refinancing of existing debt to save county taxpayers as much as $630,000.
Orange County is among a few governments in the nation that have achieved a ‘AAA’ rating by all three of the major rating agencies. The three rating agencies rationale and affirmation cited:
- Very strong economy, with access to a broad and diverse metropolitan statistical area (MSA)
- Solid financial position and comprehensive fiscal planning and proactive management
- Manageable long-term debt burden
"The Board of County Commissioners and County Manager’s vision, leadership, and fiscal policies have resulted in the strong financial position," said Orange County Chief Financial Officer Gary Donaldson. "This is indicative by the affirmation of our ‘AAA’ bond rating by all three major rating agencies.”
The strong credit rating allows the county to achieve the lowest possible borrowing cost for a sovereign, state or local government.