All three major rating agencies, Moody’s Investors Service, Fitch Ratings, and S&P Global Ratings, gave New Castle County triple-A credit ratings.
“New Castle County’s superior credit rating reflects the strength of our local economy and steps we are taking to be responsible stewards of taxpayer funds,” County Executive Matthew Meyer said in a press release. “These ratings – the highest that a government can achieve – allow us to borrow money at the most competitive interest rates, which will maximize our ability to invest in critical infrastructure at the lowest cost to improve County services.”
The agencies highlighted different strengths in their reports, including strong financial management by the Mayer administration, diverse employment sectors, and recent economic development projects.
The positive ratings come at an opportune time: New Castle County is preparing to finance $107.8 million in general obligation bonds next week for capital projects already authorized by the County government.