Moody’s bond rating agency has reaffirmed Cobb County’s Triple A (AAA) bond rating for the 20th consecutive year. Triple AAA is the highest credit rating available.
Cobb County Commission Chairman Tim Lee, County Manager David Hankerson and members of the finance department traveled to New York in June to meet with the agency where they presented a review of Cobb’s financial operations and creditworthiness - including its financial management plans, adopted budgets and comprehensive annual financial report.
Moody’s Investor Services commends Cobb’s healthy financial position, noting the County’s smart financial management and proactive fiscal policies are an advantage in the ratings process.
The rating is based on the following factors:
• Diversity of the County’s economic base including a wide range of public and private sector employers
• Conservative fiscal management
• An unreserved general fund balance maintained at a minimum 9 percent
• Low debt burden
According to Cobb County manager David Hankerson, “We take great pride in being good stewards of the Cobb County taxpayers’ money. Our conservative style of government has allowed us to maintain our Triple AAA rating for two decades.”
Traditionally, Triple AAA ratings are achieved through a number of factors including a demonstrated history of sound reserves; a countywide government commitment to low taxes; a stable operations forecast; low general obligation bonds and debt service; an overall strong financial profile; a robust job market and strong local economy and manageable pension projections risk level.