New Castle County Announces ‘AAA’ Credit Rating from Country’s Three Major Rating Agencies

New Castle County MD

NEW CASTLE, DE — New Castle County Executive Matt Meyer announced New Castle County has received ‘AAA’ ratings from the nation’s three major rating agencies, which affirmed a stable outlook on the county’s economic health and applauded the Meyer Administration’s fiscal stewardship. Moody’s Investors ServiceFitch Ratings and S&P Global Ratings recognized New Castle County’s diverse and growing economy and an unemployment rate that comes in below the national average.

The S&P’s Global Ratings Report states “The growing and resilient area economy and historically sound financial operations, especially during recent fiscal pandemic-related pressures, coupled with the maintenance of very strong reserves despite recent drawdowns for one-time capital purposes, guided by a seasoned management team and the adherence to conservative and well-embedded fiscal policies, underpin the county’s ‘AAA’ rating.”

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“Being a financial watchdog for New Castle County residents is paramount in my job,” said New Castle County Executive Matt Meyer. “Our team works extremely hard in protecting our financial stability, integrity and maintaining a clean bill of health for their government finances.”

According to Moody’s report, “New Castle County continues to see growth in its local economy as residential and commercial developments remain active. The county’s resident income and wealth indicators are above average. The county’s reserve position remains very healthy and fiscal 2021 preliminary show another strong year for the county.”

Fitch’s report states, the ‘AAA’ “GO bond rating reflects the county’s high level of financial flexibility supported by its significant level of reserves.”   Additionally, Fitch pointed out the county’s very low long-term liability burden associated with debt and net pension liabilities.

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The ratings, which will help the County earn the lowest possible interest rate, have been received in anticipation of the sale of $100 million of the County’s general obligation bonds scheduled for September 30th.  The bonds will finance over 70 different capital projects including a variety of park improvements, including Banning Park and Delcastle Park, as well as the repair, rehabilitation and overall support of the County’s wastewater infrastructure.  Additionally, the County will take advantage of low market rates and refund existing bonds for interest savings.

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