NEWS
MONTGOMERY COUNTY OFFICE OF COMMUNICATIONS
COURT HOUSE, NORRISTOWN, PA., BOX 311, 19404-0311
PHONE (610) 278-3061 FAX 278-5943
COMMISSIONERS:
JAMES R. MATTHEWS, Chairman, JOSEPH M. HOEFFEL, Vice Chairman, BRUCE L. CASTOR, JR, Commissioner
RELEASE: IMMEDIATELY 01/29/10 PR#04-10
Montgomery County's Aaa Bond Rating Confirmed
NORRISTOWN — The Montgomery County Commissioners received confirmation yesterday of the county’s coveted Aaa bond rating from Moody’s Investors Service.
“This reflects the strong confidence that investors have in the fiscal management of Montgomery County,” Commissioners Chairman Jim Matthews said.
“The analysts at Moody’s took a hard look at our finances and concluded that we are in exceptional fiscal shape, despite the economic turbulence of the past two years,” Matthews said.
Montgomery County has maintained the highest financial rating that the rating agency can award for the past 35 years, which has saved County taxpayers tens of million of dollars in the past and will continue to do so in the future.
Moody’s also assigned a stable outlook to the County’s future finances, noting that its current amount of debt and plans for future borrowing are relatively low.
Montgomery County sought the rating from Moody’s Investors Service in anticipation of a $35 million Open Space bond issue that the Commissioners plan to vote on next week.
“By having this Aaa rating versus the next highest rating, which would still be very good, County taxpayers will save approximately $1.5 million in interest over the life of just this one upcoming bond issue,” said L. Gordon Walker, Managing Director of Public Financial Management, Inc., the County’s financial advisor.
Moody’s Investor Services is among the world’s most respected and widely utilized sources for credit ratings, research and risk analysis.
