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Kent County scores top credit rating
Kent County still has the best credit rating possible.
For the 18th consecutive year, Kent County received a Triple-A credit rating from Standard & Poor’s and Moody’s Investors Service.
Just as with personal credit, the better the credit rating for Kent County, the lower the interest rates it receives when it applies for bonds. According to a release from Kent County, the county saves more than $800,000 per year on interest costs, compared to if it had a Double-A rating.
“The ability to get Triple-A ratings once is great; holding it for 18 consecutive years speaks to the hard work and dedication of Kent County staff to do what is best for the residents of Kent County,” said Daryl Delabbio, Kent County administrator/controller, in a press release.
“We strive to be good stewards of public dollars. Holding our Triple-A rating shows just how committed we are to excellence.”
Standard & Poor’s attributed Kent County’s rating to the following factors:
- Strong economy
- Very strong management
- Strong budgetary performance
- Very strong liquidity
- Strong institutional framework
Kent County is one of 2 percent of the 2,300 counties in the United States that carry a Triple-A rating from both Standard & Poor’s and Moody’s.
“Kent County’s continued highest possible rating is due largely to the fiscal common sense practiced by both the board of commissioners and our staff,” said Jim Saalfeld, chair of the county commission. “This demonstrates a team effort by commissioners and staff to ensure the county is delivering services in the most efficient and effective manner possible.
“These rating agencies do not look at only the finances, but they look at policies, practices, leadership, continuity and many other functions that exemplify why Kent County and its residents are being well served.”