Catawba County News

S&P Global Ratings Elevates Catawba County's Credit Rating to 'AA'

S&P Global Ratings Elevates Catawba County's Credit Rating to 'AA'

May 16, 2018

S&P GLOBAL RATINGS ELEVATES CATAWBA COUNTY’S CREDIT RATING TO ‘AA’

 

S&P Global, the world’s leading provider of credit ratings, has raised its long-term general obligation debt rating on Catawba County from “AA-” to “AA.” S&P Global Ratings are opinions about issuers’ capacity and willingness to meet their financial obligations in full and on time. Much like someone’s credit score, a higher credit rating means Catawba County will pay less interest on its debt.

Catawba County’s S&P score now means out of the 20 North Carolina counties with a population between 100,000 and 250,000 people, Catawba County has the second-highest rating possible, tied with Iredell, Cabarrus, and Johnston counties. The only North Carolina counties in this population category with a higher rating are New Hanover and Orange counties.

According to S&P Global’s findings, this upgrade reflects the County’s improved general creditworthiness based on an assessment of several key indicators, including their view of the County’s stable and improving local economy. This economic outlook is attributed to the County’s continued economic development and expansion, a diverse local tax base that has been trending upward since the recession, and increasing new residential and commercial development.

Other indicators supporting the raised rating included the County’s "very strong flexibility and liquidity, and very strong management which has contributed to strong budgetary performance and surplus operations in recent years,” according to S&P Global’s findings.

“The S&P rating is one of many indicators demonstrating why Catawba County is a good place to do business,” said Randy Isenhower, Chair, Catawba County Board of Commissioners. “We’re extremely pleased to see the County’s overall economic progress reflected in this report, and we remain committed to a long-term strategic vision to drive population and economic growth alongside sound fiscal stewardship in Catawba County.”

The full S&P Global Ratings report for Catawba County may be viewed here or at www.standardandpoors.com/ratingsdirect.