Cobb County celebrates 25 years of AAA ratings!
Cobb County is celebrating a significant 25-year milestone. The Chief Financial Officer handed out awards at the Board of Commissioners meeting after learning all three New York-based credit rating agencies have again rated Cobb with their highest mark. Cobb has now received a AAA rating for 25 consecutive years. The ratings come from the Fitch Group, Moody’s, and S&P Global Ratings - considered the “Big Three” agencies.
The milestone marks not just an accomplishment for the county’s finance team, but CFO Bill Volckmann says it benefits all Cobb residents. “The AAA rating means a lower cost of borrowing, easier market access, the strong reputation of the business community, and strong county management,” Volckmann said. “I would like to thank the County’s current Chairwoman, Board of Commissioners, and County Manager for their direction and leadership that continues to provide the foundation for the County’s financial achievement.”
Volckmann thanked the previous boards, prior county managers, and the prior finance directors for making this possible.
AAA ratings for county governments are rare. Only 49 counties in the United States (about 1.5%) are AAA-rated by all three agencies, and Cobb is one of only three counties in Georgia with this distinction.
“This shows the financial strength of our county,” said Cobb Chamber President and CEO Sharon Mason. “It is also critical for economic development, for continuing to attract, recruit, and retain high-paying jobs.”
Virgil Moon was Cobb’s finance director when the streak started. “I know all the hard work that has gone into it. It's a team effort to get that recognition every year,” Moon said. “To keep it for 25 years means we’ve kept great employees, great leadership, hard workers, and had the help of the business community to keep this rating year after year.”
Fitch Group defines a AAA rating as “denoting the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.”
View a congratulatory video from leaders across Cobb County here