Fitch Ratings has maintained their long-term rating for the upcoming Pinal County General Obligation Bonds rating the county AA.
On August 7, the Board of Supervisors voted 3-2 to adopt a resolution to purchase $63M in Pledged Revenue Obligations Series 2019 or “Bonds” to build needed County Infrastructure. That infrastructure projects includes a new Development Services Building, Districts 2 and 4 Government Complexes in San Tan Valley and the City of Maricopa and a new County Attorney Building.
Fitch points to the County’s improved economy as a partial reason for maintaining a strong rating. The recovering local economy and continuous new development, has allowed the county's property values to increase annually over the last five years.
Upon learning the news, Chairman Mike Goodman said he was pleased to hear the news.
“I am pleased to see that we have maintained our very strong bond ratings as that should result in very favorable rates on these bond sales. Maintaining or improving our ratings has been one of the Board’s strategic priorities. It is nice to see our diversified economy and focus on economic development is paying off and we are reaping the rewards for being diligent when it comes to managing our budget as we grow.” the Chairman said.
It is anticipated the closing of the bond sale will be the week of September 9th. Contracts will be awarded soon after that for construction of the infrastructure projects.BLOG COMMENTS POWERED BY DISQUS