For Immediate Release:
January 15, 2015
County also receives Aa1 overall long-term issuer rating, which is second highest in the state
COLUMBIA – Moody’s Investors Service, one of the three major bond rating agencies, assigned a rating of Aa2 for the special obligation bonds that will be issued to construct the voter-approved 911 call center and emergency management facility. The rating is consistent with the county’s special obligation rating received for past bonds, and is in the top 25% of similarly rated bonds nationwide.
Boone County Treasurer Nicole Galloway and Boone County Auditor June Pitchford also announced Moody’s affirmed Boone County’s overall long-term issuer rating as Aa1, which is the second highest rating of any county in the state. Only St. Louis County’s current Aaa bond rating from Moody’s is higher. Special obligation bonds generally receive a rating lower than general obligation bonds because they do not rely on a property tax levy for repayment.
“These high ratings are important because they result in lower financing costs, putting more of our resources into public safety,” County Treasurer Galloway said. “Moody’s is recognizing Boone County’s many strengths, including low unemployment, a strong local economy and exceptional educational resources. Long-term, our Aa1 issuer rating gives us options to make investments in our community, and I know county officials are committed to maintaining our financial strength.”
Moody’s specifically cited three reasons for rating the 911 call center and emergency management facility bonds Aa2:
- Large tax base bolstered by institutions located in the county
- Minimal debt burden
- Minimal pension liabilities
“Boone County’s careful financial management and strong budgetary policies contributed to Moody’s strong rating,” County Auditor Pitchford said. “Our on-going commitment to strong financial planning is evidenced by our annual budgeting process and prudent use of public resources. I am extremely proud to see our collaborative work affirmed by Moody’s.”
The bonds will be sold through a competitive offering January 22, and a copy of Moody’s rating report may be found here: www.moodys.com/research/Moodys-assigns-Aa2-to-Boone-County-MOs-131M-Special-Obligation--PR_316502 ( https://www.moodys.com/research/Moodys-assigns-Aa2-to-Boone-County-MOs-131M-Special-Obligation--PR_316502 )
About Boone County Treasurer Nicole Galloway
County Treasurer Galloway is a CPA and Certified Fraud Examiner. She manages a $60 million investment portfolio, and is responsible for making sure it is invested safely and securely, that investments meet the liquidity necessary for the county’s cash flow needs and that investments achieve the best return possible. She issues all general obligation and revenue bonds, administers banking services and manages unclaimed property for the county. She provides oversight for several financial and non-financial projects as a member of county boards and committees, including the Local Emergency Planning Committee.
About Boone County Auditor June Pitchford
June Pitchford is a CPA and Certified Government Financial Manager. She is responsible for the county’s financial accounting, reporting, and budgeting activities. She prepares and publishes the county’s annual financial statements (Comprehensive Annual Financial Report) as well as the county’s annual budget and serves as Budget Officer for the county. She is responsible for reviewing and certifying county contracts and expenditures and ensuring budgetary compliance throughout the county’s various departments and agencies. She also maintains the fixed asset property records for the county and conducts physical inventories.