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Salt Lake County receives ‘highest possible’ rating from investor service

Posted at 3:07 PM, Jun 25, 2018
and last updated 2018-06-25 17:07:57-04

SALT LAKE COUNTY – A financial rating service gave Salt Lake County the highest possible rating a county can get on creditworthiness.

Salt Lake County Mayor Ben McAdams announced Monday that Moody’s, a financial rating service, had assigned the rating to the county’s $55 million tax and revenue anticipation notes.

Moody’s measures the risk and the creditworthiness of issuers of municipal notes. It gave Salt Lake County an MIG 1, which is the highest quality rating a county can get.

“The county’s financial health has again been validated by a national ratings agency and that speaks to our determination to be a government with a fiscally-responsible balance sheet and a careful eye on budgets and the issuance of debt,” said McAdams.

Salt Lake County Chief Financial Officer Darrin Casper said that with the strong rating, the county will pay less interest when it enters the market with its $55 million in tax and revenue anticipation notes, which are used to finance current county operations before tax dollars are taken in by the county.

Casper said the county remains one of the top counties nationwide for financial strength and demonstrates how Salt Lake County residents are well-served by the bipartisan effort to balance the budget and provide cost-efficient services.