SCIOTO — Following what was described as a successful meeting, Scioto County received an upgraded issuer rating and rating on outstanding general obligation limited tax bonds from Moody’s Investor Service.
As described in a press release, the New York City-based company said the shift from an A1 rating to Aa3 “reflects its positive property valuation and sales tax trends which have contributed to very healthy reserves that will be further bolstered by an infusion of federal funds.”
In addition to the rating, where Scioto is now considered a very low credit risk, the county had no outstanding general obligation unlimited tax debt.
The Scioto County Commissioners discussed the rating during Thursday’s session and shared their gratitude for those involved in a shared statement with the Portsmouth Daily Times Tuesday.
“We appreciate the work done by our underwriter Robert W. Baird & Co. as well as our bond counsel Dinsmore & Shohl LLP. Their efforts on our behalf, as well as those of Scioto County Auditor David Green and Deputy Auditor Heather Cunningham, and those of the Scioto County Commissioners Bryan Davis, Cathy Coleman and Scottie Powell, made these important negotiations with Moody’s successful,” their statement reads.
Davis said the next step will be to work to get our bonds refinanced at a lower interest rate and save money.
“This is our second such rating increase in three years! Moody’s saw our financial strength and optimistic future,” he said in a released statement. “This improved rating will help us in our efforts to save the taxpayers of Scioto County money when refinancing our long-term bonds in the near future. It is and could be again a major win for Scioto County.”
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