Released: October 12, 2021
Delaware County's strong financial position and financially conservative management and budget policies have prompted S&P Global Ratings to bump the County's rating to AA+, the second highest available.
S&P credited the rating increase on the County's existing general obligation to their "view that the County’s financial position will remain healthy given the strong and stable tax base and conservative budgeting practices.” A higher bond rating lowers the amount of interest County taxpayers pay on long-term investments.
"From the first days the new majority has been in office, we have been working in partnership with Delaware County Controller Joanne Phillips to create open, transparent, and most importantly, accountable systems of government," said Delaware County Councilwoman Elaine Schaefer. "We are very happy that those efforts are being recognized by entities like S&P and will continue to build on them for the benefit of taxpayers and residents in the coming years."
In its announcement, S&P Global Ratings specifically cited the County's:
Strong economy
Strong management
Strong budgetary performance
Very strong budgetary flexibility
Very strong liquidity
Very strong debt and contingent liability profile
Strong institutional framework score
The bond rating increase will have a practical impact on County residents and business owners by making it easier and less costly to make long-term investments in the County's future by issuing general obligation and special purpose bonds. Investments including securing and improving open space, creating new state-of-the- art buildings, and improving government operations by updating our technology are just a few examples of the benefit of reduced borrowing costs.
“The recognition of the County’s financially conservative management and budget policies by S&P Global is a testament to our values and dedication to the residents we serve,” said Schaefer.