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File #: 18-4918    Version: 1 Name: NEW ITEM -Bond Rating Announcement
Type: Manager's Report Status: Manager’s Report
File created: 9/4/2018 In control: County Manager's Office
On agenda: 9/5/2018 Final action:
Title: : NEW ITEM - Bond Rating Announcement
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Title:

NEW ITEM - Bond Rating Announcement

 

Summary

ACTION:

Receive as information the bond rating announcement for Mecklenburg County

 

Staff Contact:                      Dena R. Diorio, County Manager

 

 

Presentation:                     Yes                     

 

 

BACKGROUND/JUSTIFICATION:

On August 16 and 17, 2018 the County met with all three rating agencies (Fitch, Moody’s, and Standard & Poors) to request bond ratings and to present an economic and financial update of Mecklenburg County.  After those meetings, all three rating agencies rated the 2018 general obligation bonds AAA; their highest rating. The rating agencies also affirmed the current AAA rating. Having a AAA rating lowers the interest cost to the County and it makes its debt more attractive in the market for buyers seeking low risk.

 

PROCUREMENT BACKGROUND:

N/A

 

POLICY IMPACT:

N/A

 

FISCAL IMPACT:

N/A