FALK ANNOUNCES DANE COUNTY RECEIVES ‘TRIPLE A’ BOND RATINGS FROM MOODY’S AND FITCH
October 21, 2004
Sharyn Wisniewski (608) 267-8823
Chuck Hicklin (608) 266-4109
Dane County Executive Kathleen Falk announced today that Dane County has received “AAA” (Triple A) credit ratings this week, from Moody’s Investment Service and from FitchRatings, for $10.8 million of 2004 tax exempt General Obligation bonds and notes to be issued after competitive sale Thursday (October 21) and County Board action Thursday evening.
This is the highest credit rating category available and means the County gets the lowest loan rates when it borrows money for large projects. Only two Wisconsin counties have a “Aaa” bond rating—Dane and Waukesha counties.
“This is good news for taxpayers. We’ve worked hard to control spending and manage our budget carefully to keep Dane County in excellent fiscal health,” said Falk. “It’s good to see that work recognized in a way that benefits taxpayers.”
In citing reasons for awarding Dane County the Triple A rating, FitchRatings said, “The 'AAA' rating reflects Dane County's growing tax base, consistently strong economic performance, solid financial management, and moderate debt levels.” It also stated, “The administration is committed to enhancing social welfare and public safety programs while maintaining strong management practices that limit budgetary spending growth.”
“It is my goal to keep Dane County a great place to live, while managing our budget and finding every efficiency to limit taxes,” said Falk.
The proceeds of the tax exempt bonds will finance planning and design for a new Huber and alcohol and other drug abuse treatment facility for the Dane County Sheriff’s Department, highway projects, and parkland acquisition. Of the $10.8 million being raised, $7.2 million is new money for the capital projects, and $3.6 million is refinancing of existing debt to lower the interest rate.
FitchRatings and Moody’s Investment Service are two of the nation’s leading credit rating agencies. Bonds that are rated ‘AAA’ are judged to be of the best quality, carrying the smallest degree of risk.
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