NEWS RELEASE
FOR IMMEDIATE RELEASE:
February 9, 2018
CONTACT: Don Dicklich, County Auditor
(218) 726-2380
St. Louis County retains AA+ credit rating, plans to issue bonds Tuesday
Standard and Poor's Ratings Service has reaffirmed the County's AA+ credit rating. This is good news for St. Louis County and its tax payers as it comes just days before a large planned sale of $28 million of General Obligation capital improvement bonds to fund construction of a new Government Services Center-North facility in Virginia, as well as initial costs such as site improvement and advance ordering for the planned Public Works Maintenance Facility in Cook.
The AA+ rating makes the County's debt offering more attractive to investors and lowers the cost of borrowing. St. Louis County has held an AA+ rating since November 2013. The rating is just one step below the highest possible rating of AAA.
The St. Louis County Board is expected to approve the issuance of $28,095,000 at its meeting on Tuesday, February 13.
In its report, S&P listed multiple favorable conditions in the County that factored in its assessment, including a strong economy, strong management and budgetary performance, and very strong budgetary flexibility, among other factors.
"This AA+ rating is a reflection of our strong and diverse economy countywide, and shows we're on the right track with our commitment to sound financial management and budgetary performance," said Commissioner Pete Stauber, who chairs the Board's Finance Committee. "This strong rating is a tremendous positive as we move forward with these major investments in two much needed facilities in Virginia and Cook"
For more information about St. Louis County and its budget practices, visit stlouiscountymn.gov.
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