County’s bond rating improves
May 6, 2006
Summit County’s credit rating on roughly $2.2 million worth of sales-tax revenue bonds was raised recently to AA- from A+, a press release from the County Auditor’s Office states.
According to Standard and Poor’s Rating Services, the rating "reflects steady improvement in retail sales activity and in debt-service coverage levels, coupled with the absence of any bonding plans that would dilute future coverage."
"It’s a reflection on the county’s credit rating," said Matt Leavitt, an accountant for Summit County. "The county has good credit and has good standing."
An AA- rating is above average for similarly sized governments, Leavitt said, adding that the highest rating is AAA.
The revenue bonds were issued in 2003 to help fund the develop of recreational facilities in Summit County, Leavitt said, adding that the bonds were issued so Summit County could cooperate with various local governments to fund projects.
— Patrick Parkinson
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