Bernalillo County, NM (KKOB) — Bernalillo County has kept its triple A bond rating with Moody’s, Fitch and Standard and Poor’s, which are the three major rating companies in the country. A higher bond rating means the county receives lower interest rates when selling bonds to finance voter-approved projects. Moody’s also upgraded the county’s rating on its gross receipts tax (GRT) revenue bonds from Aa2 to Aa1, the type which are judged to be high quality and subject to very low credit risk.
“The county has been able to maintain these fantastic ratings due to the support of our County Commission, the knowledge of our financial team and its dedication to strong fiscal management of the county’s funds,” says BernCo Manager Julie Morgas Baca.
Standard & Poor’s commended the county’s strong financial management policies and practices, which it said are highlighted by regular budget monitoring, investment and debt management policies and long-term financial and capital planning. Fitch cited the county’s solid expenditure flexibility, low liability burden, and superior financial resilience through economic downturns. Moody’s said Bernalillo County’s financial profile is solid and guided by an experienced management team.
“Financially stable stewardship of the county’s funds means that we are able to finance projects at lower interest rates, saving taxpayers millions of dollars,” says Deputy County Manager for Finance Shirley Ragin.
