NEWS RELEASE
FOR IMMEDIATE RELEASE:
October 5, 2020
MEDIA CONTACT: Nancy Nilsen, 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 came just days before a large planned sale of $25.4 million of General Obligation capital improvement bonds to further invest in road and bridge improvements.
The bond sale, approved by the County Board earlier this fall, is happening today. A summary presentation on the sale will be given to commissioners at their Board Meeting on Tuesday. The bonds will be paid back using revenue from the Transportation Sales Tax (TST).
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 bond issuance at its meeting on Tuesday, October 6.
In its report, S&P listed multiple favorable conditions in the County that factored in its assessment, including strong management and budgetary performance, and very strong budgetary flexibility, among other factors.
"This AA+ rating - especially coming now in the midst of a pandemic - is a reflection of our strong and diverse economy countywide, and is the outcome of many years of sound financial management and budgetary performance," said Commissioner Keith Nelson, who chairs the Board's Finance Committee. "This strong rating serves our citizens well as we move forward with continued investments in our roads and bridges."
For more information about St. Louis County and its budget practices, visit stlouiscountymn.gov/budget.
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