Credit Rating Agencies Deem County Finances and Management Strong
Yesterday Wicomico County sold $14.56 million in general obligation and tax-exempt bonds to finance several major projects in the county. The bonds carry a true interest cost of 3.929831%. The County’s issue drew a strong market response of 9 bidders, which is indicative of the attractiveness of its bonds.
The County also sold $8.265 million in taxable bonds to finance certain projects at the Salisbury-Wicomico Regional Airport. The taxable bonds had 4 bids and the true interest cost is 5.312076%.
Earlier in October, S&P Global Ratings affirmed the County’s strong AA+ and Moody’s Investors Service affirmed the County’s rating of Aa2.
Wicomico County’s bond issue reinforces the County’s commitment to education and economic development for the County. Included in the bond issue is funding for the Board of Education’s renovation/addition project at Mardela High/Middle School, Wor-Wic Community College Applied Technology Building, and Salisbury-Wicomico Regional Airport among other capital project needs.
Acting County Executive John D. Psota concluded “All of these projects continue moving Wicomico County forward. Even with the variability in the current bond market, the rates received by the County, reinforce that fiscal management in Wicomico County continues to be strong.”
