Washington County has maintained a sterling AAA bond rating, confirmed during the latest round of bond sales, a fiscal feat that means the county will save an estimated $454,000 in interest. The rating, the financial equivalent of a perfect SAT score, was upheld by both Moody's and Standard & Poor's, titans of the bond-rating sphere.
The county staff, during the obligatory ratings calls, dutored out a textbook's worth of data — property taxes, demographics, fiscal responsibility, and management practices that would likely make a CPA swoon. "Given ongoing development, a diverse revenue base, and conservative budgeting, the county's financial position will remain very strong," lauded Moody's in their report on the county's fiscal health. Likewise, Standard & Poor's chimed in with equal measures of praise, pointing out Washington County's "expanding economy with robust market value growth and very strong fund balance."
Fresh off the heels of this glowing endorsement, the county courted interest from the financial sector for a $26 million general obligation bond sale. On a sunny morning on June 11 at 10:15 a.m., bids flew. When the dust settled, JP Morgan Securities emerged victorious from a melee of nine bidders, snagging the bond sale with a True Interest Rate (TIC) of 3.701% for a 20-year bond — an offer underscored by the county's freshly confirmed AAA rating and the pulsing tempo of the bond market.
The spoils of this fiscal maneuvering are already earmarked: the Central Service and License Center is slated for a construction project and Central Park in Woodbury, is on deck for improvements. For those seeking nitty-gritty details or harboring burning questions, the county's Accounting and Finance department is on standby at 651-430-6030 or reachable via a prompt email.
Information regarding the retained AAA bond rating and details of the bond sale were released by Washington County and can be cross-referenced for further verification here.
