KALAMAZOO COUNTY, MI (WKZO AM/FM) – A recent Standard and Poor’s (S&P) review of Kalamazoo County’s bond rating found the county’s bond credit rating will remain at AA+, the second highest bond rating possible.
Kalamazoo County officials made the announcement on Tuesday.
“This is great news for Kalamazoo County and for the county’s future financial portfolio,” County Administrator and Controller Tracie Moored, said in a statement. “An AA+ bond rating sends a clear signal to current and future investors that Kalamazoo County is fiscally sound and responsible and this builds on the county’s reputation of being good fiscal stewards.”
Just after the County’s rating was released by S&P, Kalamazoo County sold its justice facility bonds at the rate of 2.18%. Officials say the County’s competitive coupons reaped a rate more promising than anticipated, which surpassed the 30-year market rate.
The bond rating and interest garnered is a significant milestone for the County, especially during a pandemic. Officials say the forecast of an economic rebound was a meaningful conversation during the county’s interview with the S&P.
S&P noted several key reasons for maintaining the county’s bond rating, including:
- Strong management
- Excellent financial policies
- Strong budgetary performance
- Robust institutional, organizational framework
- Strong liquidity options
- Strong Other Post Employment Benefit funding
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