Rating Agencies Confirm: Cobb AAA-Rated for 24th Year
Financial Agencies Confirm AAA Rating for Cobb County for 24th Straight Year
“Fitch Ratings” cites flexibility, significant reserves in face of uncertain economy
In the most challenging economic environment in more than a decade, financial rating firm Fitch Ratings confirmed Cobb County’s status as a “AAA” rated county. This represents the highest rating possible for the county’s financial outlook. Other rating agencies have indicated they will also follow suit.
The Fitch Ratings analysts cited Cobb County’s history of conservative budgeting and proactive measures in the face of an uncertain economic future caused by the coronavirus pandemic.
“The county is well-positioned to withstand the current period of economic weakness due to its sound reserves and superior inherent budget flexibility,” the agency said in a news release.
“The fact that we had our AAA rating reaffirmed during the most challenging economic time in a dozen years shows the fiscal soundness of the county,” said Cobb County Commission Chairman Mike Boyce. “It is a tribute to our staff, the board, and our work with the community to make sure we continue to show diversity in our county’s economic base.”
Fitch pointed to the county’s reaction to the last recession as one of the reasons it has confidence Cobb County can weather whatever lies ahead.
“This is exciting news, and I couldn’t be prouder that Cobb County is one of three counties in the state with a AAA rating from all agencies,” said County Manager Dr. Jackie McMorris. “I’m especially proud of our finance team for their fiscal prudence during difficult and challenging times. Thanks to the Board of Commissioners for making the tough decisions that have allowed us to maintain our triple AAA rating, especially in the current environment.”
The rating is good news for taxpayers, allowing the county to save money when borrowing money for routine operations or special needs. Cobb County must borrow money each year on a short-term basis to bridge the time from budget adoption to when taxes are collected.
Chairman Boyce will present the fiscal year 2021 budget to the board later this summer that includes a steady millage rate.
NOTE: You can view the Fitch Ratings release by visiting this link: http://cobbgov.tv/media/Fitch_2020.pdf
Released: June 8, 2020
Ross Cavitt | Cobb County Communications | [email protected]