ELKTON, DE — Moody’s Investors Service, one of the nation’s premier bond credit rating agencies, has upgraded Cecil County Government’s bond rating from Aa2 to Aa1, the highest such rating achieved in the history of Cecil County Government and first upgrade from Moody’s in the county’s Charter Government era. Cecil County is one of just 31 counties nationwide with a population below 105,000 people to have earned this coveted distinction.
Every two years, the county executive leads the county’s finance team through a comprehensive bond market review, which culminates with the issuing of bond ratings by both Moody’s and Standard and Poor’s Global Ratings (S&P), another one of the nation’s leading credit agencies. An improved bond rating saves taxpayers millions of dollars on community infrastructure projects by allowing counties to qualify for lower interest rates.
According to Moody’s, Cecil County’s upgrade to Aa1 “reflects the county’s improving reserve position over the past several years through conservative budgeting and strong revenue collections.” The elevated rating also reflects the county’s “strong institutional structure, demonstrated policy effectiveness and established history of prudent budget management.”
“We are so pleased to have earned this upgrade for our citizens, which not only recognizes our responsible approach to governance but keeps the cost of borrowing low for taxpayer-funded capital projects,” said Cecil County Executive Danielle Hornberger. “This elevated bond rating affirms that our conservative policies are working and is a great indicator that we are continuing to move Cecil in the right direction.”
Additionally, S&P has once again recognized Cecil County with its AA+ long-term rating. This rating is the industry equivalent of Moody’s Aa1 designation, one of the highest ratings government debt can have. According to S&P, this rating reflects Cecil County’s “very strong finances, manageable debt burden, and very strong financial management policies and procedures.”
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News.