09/26/2023 | Press release | Distributed by Public on 09/26/2023 07:22
NORRISTOWN, PA-The Montgomery County Commissioners announced today that Montgomery County has received the highest bond rating-Aaa with a stable outlook-from Moody's Investors Service for the sixth year in a row.
In its reasoning for why Montgomery County deserves to maintain the highest credit rating possible, Moody's cited the following points in its credit opinion:
By securing the highest possible credit rating, Montgomery County can borrow money at the lowest interest rates possible and reduce debt serve costs. Reduced debt service allows the County to continue investing in critical infrastructure and improve services offered to Montgomery County residents.
"I am proud of our County leadership, Finance team and partners across the County who have helped us secure the highest bond rating from Moody's Investors Service for the sixth year in a row," said Kenneth E. Lawrence Jr., chair of the Montgomery County Board of Commissioners. "With this high-quality rating, we're able to better leverage our taxpayer dollars for investments into long-term capital planning efforts, upgrade our aging infrastructure, and offer the vital programs and services our residents and employees need and deserve."
Montgomery County sought the rating in anticipation of the Series A and B of 2023 bond offering on October 3, 2023. The County is seeking $151.1 million in General Obligation Bonds, Series A of 2023, to fund projects in the County's ongoing five-year capital plan and Series B to fund the ongoing roads and bridges capital plan.
"This new bond offering confirms that the financial state of Montgomery County continues to be strong," said Jamila H. Winder, vice chair of the Montgomery County Board of Commissioners. "By securing the highest possible credit rating, we can ensure that public money is spent with maximum impact."
To see a copy of Moody's press release, click here.
Media Contact: Megan Alt, [email protected]