New Castle County receives AAA credit ratings

Delaware State News
Posted 9/27/21

WILMINGTON — The nation’s three major rating agencies, Moody’s Investors Service, Fitch Ratings and S&P Global Ratings, gave New Castle County AAA ratings in recognition of New …

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New Castle County receives AAA credit ratings

Posted

WILMINGTON — The nation’s three major rating agencies, Moody’s Investors Service, Fitch Ratings and S&P Global Ratings, gave New Castle County AAA ratings in recognition of New Castle County’s diverse and growing economy and an unemployment rate that comes in below the national average.

S&P’s rating described New Castle County as a growing and resilient area economy with historically sound financial operations. Moody’s report said the County’s growth in local economy and residential and commercial developments remain active and the resident income and wealth indicators are above average. Fitch’s report said the AAA rating reflects the county’s high level of financial flexibility supported by its significant level of reserves.

The ratings will help the county earn the lowest possible interest rate. The sale of $100 million of the county’s general obligation bonds, scheduled for Sept. 30, will finance over 70 different capital projects including a variety of park improvements, including Banning Park and Delcastle Park, as well as the repair, rehabilitation and overall support of the county’s wastewater infrastructure.

Additionally, the county will take advantage of low market rates and refund existing bonds for interest savings.