Credit Rating Agencies Deem County Finances and Management Strong
Today Wicomico County has sold $58.235 million in general obligation and tax-exempt bonds to finance several major projects in the county. The bonds carry a true interest cost of 1.625342%. The County’s issue drew a strong market response of 12 bidders, which is indicative of the attractiveness of its bonds.
The County also sold $16.950 million in taxable bonds to refund existing debt at a lower rate. The taxable bonds had 8 bids and the true interest cost is 1.849233%. The refunding will result in debt service savings of $902,221.
In November, 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 public safety, health and education. Included in the bond issue is funding for the Sheriff’s Office Public Safety Building, the Board of Education’s renovation/addition project at Mardela High/Middle School, Landfill Cell Construction, Wor-Wic Community College Applied Technology Building, among other capital project needs.
Acting County Executive John D. Psota concluded “All of these projects are critically important for Wicomico County and I am pleased to report they are moving forward. Such favorable reports from the credit rating agencies, along with a very strong market response to our bond offering, reinforces that our fiscal management in Wicomico County continues to be strong.”