Three independent bond rating agencies, Moody’s Investors Service, Standard & Poor’s Rating Services and Fitch Ratings, have once again affirmed Cabarrus County’s excellent ratings, maintaining Cabarrus County’s place in the High Grade, High Quality investment category. The affirmation applies to Cabarrus County’s $112.6 million in outstanding general obligation (GO) bonds and $295 million in outstanding certificates of participation (COPs) and/or Limited Obligation Bonds (LOBs). In addition, excellent ratings have been assigned to refunding certificates of participation for $11.9 million in series 2011B LOBs and $22.7 million in series 2011C LOBs.
In its 2011 analysis, Fitch Ratings affirmed previously rated GO bonds with a rating of AA+ and the school construction COPs issue with a rating of AA, and assigned an AA rating to the refunding certificates. According to Fitch, Cabarrus County “is expected to maintain adequate financial flexibility in the upcoming years despite ongoing budgetary pressures.”
Standard & Poor's Ratings Services assigned an AA long-term rating and stable outlook to Cabarrus County’s series 2011B and 2011C refunding limited-obligation bonds, and affirmed its AA long-term rating and underlying rating with a stable outlook, on the county's existing appropriation and general obligation debt.
Moody’s Investors Service assigned an Aa2 to the county’s refunding COPs and affirmed the Aa1 rating on outstanding general obligation debt and outstanding COPs. This rating is based on the county’s favorable, long-term credit characteristics and “the county’s solid financial position that has been bolstered by new management policies and a manageable debt burden.”