Dane County Finances Receive Highest Possible Rating
December 05, 2007
Esteemed AAA Bond Ratings Mean Savings for County and Taxpayers
Joshua Wescott, Office of the County Executive (608) 267-8823 or cell (608) 669-5606
(Madison)…Dane County Executive Kathleen Falk announced today that Dane County has received “AAA” bond ratings from Moody’s Investment Service and Fitch Ratings. Achieving the highest bond ratings possible means the county will get the lowest interest loans available when it goes to borrow money for large projects such as highway improvements, new building construction and land purchases.
Dane is one of only two counties in the state and one of only a handful in the entire nation to earn the distinction.
“These ratings show Dane County government continues to be in excellent financial health and our area remains vibrant and strong,” Falk said.
In its report to Dane County Moody’s said the county “will maintain sound financial operations due to careful fiscal management and a strong tax base growth that allows for adequate increases in the property tax levy.” It cited a highly educated workforce that “continues to be a draw for companies with high paying jobs and the bio-tech research and development industry.”
Fitch said the rating “reflects Dane County’s growing tax base, consistently strong economic performance, solid financial management and moderate debt levels.”
It’s the 27th consecutive year Dane County has achieved the designation from Moody’s. Dane County has received AAA ratings from Fitch in each of the eight years the firm has issued ratings to the county.
“Dane County taxpayers directly benefit from this impressive designation. We’ve set priorities, maximized efficiencies, and made the tough decisions to ensure sound fiscal management,” Falk said.
Moody’s is one of the nation’s premier credit rating agencies. The AAA bond rating is the most prestigious designation in lending and is granted to only the highest quality, lowest risk bonds.
# # #