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Greene County announces first formal credit ratings from Moody's and S&P
Summary
County administrator Kathy Shaffer told the Greene County Board of Supervisors that Davenport and county staff secured new credit ratings described as "double a 2 and double a" from Moody's and S&P, a result the county says will improve borrowing options for planned projects including water and sewer work.
Greene County Administrator Kathy Shaffer told the Board of Supervisors that Davenport and county staff traveled to New York to present the county's finances to Moody's Investors Service and Standard & Poor's, and "we did receive ratings of double a 2 and double a," she said.
Shaffer said the ratings are the county's first formal credit assignments and will "give us great options for any future borrowings" and expand financing prospects for projects such as water and sewer improvements. She said the results were higher than expected based on earlier briefings from advisers and that the materials distributed with the meeting packet include a Davenport memo and the press releases from Moody's and S&P.
Board members responded positively. Shaffer also told the board that in previous transactions the county had used the Virginia Resources Authority and that credit ratings will affect how the county appears in pooled financings; she said the higher rating should broaden Greene County's opportunities for future borrowings.
The announcement included three documents in the meeting packet: the county press release, a summary memo from Davenport, and the two rating agency notices. Shaffer did not specify any immediate borrowing amounts or timing during the presentation.
