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Dorchester County Receives Aa1 Rating for General Obligation Bonds

Post Date:04/17/2019 10:00 AM

In their April 15, 2019 summary, Moody’s Investors Service  upgraded Dorchester County’s rating to Aa1 for the County’s Series 2019 General Obligation (GO) Refunding and Improvement Bonds. 

Previously, the County was rated Aa2 for all outstanding general obligation debt.  On the Moody’s rating scale, Aa1 is just one notch below a prime rating of Aaa.  This improved rating will continue to decrease the cost of debt service through lower interest rates.

The upgraded rating to Aa1 reflects growth and diversification of the county's sizable tax base, growing per-capita income levels, healthy fund balance reserves, and strong liquidity. The county’s debt and pension burdens are manageable and do not dictate the need for a tax increase.  In recent years, the county has implemented formal financial policies which help to further strengthen these measures. 

Dorchester County Council Chairman, George Bailey said “This rating upgrade reflects the hard work of County staff who are committed to upholding best practices in financial management. The team we have in place continues to rise to the challenge.”

Dorchester County Chief Financial Officer, Daniel Prentice added “I am thankful for the continued support of County Council by implementing formal financial policies, capital improvement plans, and improved financial reporting practices.  These are a few of many factors coupled with strong economic indicators that ultimately produced this upgrade.”

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