Sussex County has earned a ‘AAA’ Bond Rating from S. and P. Global Ratings on Wall Street.
The upgrade from “AA+” also mirrors a move made by Moody’s Investor Services just over a year ago. Moody’s also maintained its “AAA” rating this past week.
S-and-P says its upgrade reflects Sussex County’s diversifying and growing economy and strong financial management practices, and praises the County for “conservative and prudent budgeting practices.”
A favorable bond rating allows the County to obtain favorable interest rates when bonds are used to fund capital projects. County Finance Director Gina Jennings said attaining a Triple-A bond rating is ‘no easy feat,’ especially during the current challenging economic times.
“I’m proud that the County has earned the confidence of both credit rating agencies, and even more proud of the fact that our sound and prudent financial management continues to benefit the citizens we serve,” Jennings said.