January 15, 2008
FOR IMMEDIATE RELEASE
AAA RATING: BOND RATING AGENCIES LAUD MECKLENBURG'S FINANCIAL MANAGEMENT
Charlotte, NC - Mecklenburg County has retained its exemplary credit rating. The nation's three primary bond rating agencies have all recognized Mecklenburg County's responsible management of debt with a
- Mecklenburg County has retained its exemplary credit rating. The nation's three primary bond rating agencies have all recognized Mecklenburg County's responsible management of debt with a rating.
The County's Triple-A bond rating is an indication of the strength of the County's financial management, the vibrancy of the economy, and the promise of future ability to meet challenges responsibly and effectively.
Moody's Investors Service, Standard and Poor's and Fitch Ratings all pointed to Charlotte-Mecklenburg's growing and diverse economic base, solid tax base growth, and excellent financial management when assigning their Triple-A rating to Mecklenburg County. Fitch Ratings pointed out that growing capital needs and debt service requirements, especially for schools, will continue to pressure available resources.
"A Triple-A bond rating is the highest we can get," says Dena Diorio, Mecklenburg County's Finance Director. "That means we can expect the best interest rates possible, which will keep the taxpayers' investment to a minimum."
During January and February, Mecklenburg County will issue:
- $12 million two-thirds general obligation bonds for Park and Recreation.
- $148 million general obligation bonds for schools, land, law enforcement and Park and Recreation facilities.
- $160.million in Certificates of Participation for schools, courts, libraries, CPCC, jails, the Bryton mixed-use development, and Third Ward park.
Mecklenburg County has maintained a Triple-A bond rating for nearly 35 years.
# # #
Media contact: Roger Kortekaas at 704-336-2597 or
Roger Kortekaas at 704-336-2597 or