Moody’s Investors Service recently upgraded Allegany County’s bond rating from A2 to A1. The upgrade to A1 reflects the County’s strong financial position, limited but stable tax base with below average wealth levels, and manageable debt and pension burdens.
The long-term rating reflects and takes into consideration the County’s:
- Good and adequate management with standard financial policies and practices;
- Strong budgetary flexibility, with a history of available reserves above 20% of expenditures;
- Strong liquidity to cover debt service and expenditures;
- Strong budgetary performance, with stable operational results; and
- Strong debt and contingent liabilities, with limited future debt plans.
Allegany County Treasurer Terri Ross said, “This is great news for Allegany County and is reflective of the long-range financial planning and continual monitoring of the County’s financial condition.”