Financial history continued to repeat itself this week when the nation’s top three rating agencies each notified Cobb County Government that it has maintained its AAA bond ratings. This is the 29th consecutive year the county has earned this rare distinction.
Moody’s Investors Service affirmed Cobb County’s issuer rating and related credit ratings, with a stable outlook in July. Fitch Ratings and S&P Global Ratings confirmed their ratings Tuesday but have not yet published their reports, according to Cobb Chief Financial Officer Buddy Tesar.
“These ratings reflect the county’s exceptional financial strength, prudent fiscal management, sound leadership, and long-term commitment to responsible budgeting and financial planning,” Tesar said. “This accomplishment would not be possible without the continued leadership and commitment of the Board of Commissioners, the county manager’s office, department leadership, and the many employees across the organization who contribute to Cobb County’s strong financial foundation.”
In July, Moody’s said the county’s rating reflected its relatively strong resident income, exceptionally strong financial management, and relatively low long-term liabilities.
“One of the results of these ratings is that it allows the county to borrow money at lower rates and therefore saves our taxpayers money,” Chairwoman Lisa Cupid said. “But it also shows residents and businesses here that we are excellent stewards of their finances. We do not take our responsibilities lightly.”