August 28th, 2019
FLORENCE –Fitch Ratings along with Standard and Poor’s Global Ratings have maintained their long-term rating for the upcoming Pinal County General Obligation Bonds with Fitch rating the county AA and S&P rating of AA-
On August 7, the Board of Supervisors voted 3-2 to adopt a resolution to purchase $63M in Pledged Revenue Obligations Series 2019 or “Bonds†to build needed County Infrastructure. That infrastructure projects includes a new Development Services Building, Districts 2 and 4 Government Complexes in San Tan Valley and the City of Maricopa and new County Attorney Building.
Both Fitch and Standard and Poor’s point to the County’s improved economy as a partial reason for maintaining a strong rating.
“As the result of a recovering local economy and continuous new development, the county's property values have increased annually over the last five years,†the Standard and Poor’s Report said.
Upon learning the news, Chairman Mike Goodman said he was pleased to hear the news from both agencies.
“I am pleased to see that we have maintained our very strong bond ratings as that should result in very favorable rates on these bond sales. Maintaining or improving our ratings has been one of the Board’s strategic priorities. Both of these agencies see our diversified economy, our focus at economic development is paying off and we are reaping the rewards for being diligent when it comes to managing our budget as we grow.†the Chairman said. “Would I like the rating to be a little better? Sure. But that is something we are going to work on in the coming years.â€
It is anticipated the closing of the bond sale will be the week of September 9th. Contracts will be awarded soon after that for construction of the infrastructure projects. back...
On August 7, the Board of Supervisors voted 3-2 to adopt a resolution to purchase $63M in Pledged Revenue Obligations Series 2019 or “Bonds†to build needed County Infrastructure. That infrastructure projects includes a new Development Services Building, Districts 2 and 4 Government Complexes in San Tan Valley and the City of Maricopa and new County Attorney Building.
Both Fitch and Standard and Poor’s point to the County’s improved economy as a partial reason for maintaining a strong rating.
“As the result of a recovering local economy and continuous new development, the county's property values have increased annually over the last five years,†the Standard and Poor’s Report said.
Upon learning the news, Chairman Mike Goodman said he was pleased to hear the news from both agencies.
“I am pleased to see that we have maintained our very strong bond ratings as that should result in very favorable rates on these bond sales. Maintaining or improving our ratings has been one of the Board’s strategic priorities. Both of these agencies see our diversified economy, our focus at economic development is paying off and we are reaping the rewards for being diligent when it comes to managing our budget as we grow.†the Chairman said. “Would I like the rating to be a little better? Sure. But that is something we are going to work on in the coming years.â€
It is anticipated the closing of the bond sale will be the week of September 9th. Contracts will be awarded soon after that for construction of the infrastructure projects. back...
