January 14, 2019 – Nevada County has received news that the County’s Standard & Poors (S&P) credit rating has improved from the A+ rating received on previous bonds to AA for the bonds to be issued for the new Nevada County Operations Center which will house the County’s Roads, Fleet, and Transit operations. This improvement to the County’s rating reflects S&P’s view of the county’s strong economy, strong management and good financial policies and practices, and very strong financial flexibility.
The improved rating reflects strength in assessed values of properties in the county, and the adoption of a debt policy that places quantitative restrictions on debt issuance and adoption of a 15% minimum reserve fund balance policy, and several years of positive operations that have contributed to a strong fund balance to sustain operations and meet financial challenges.
David Leifer, Senior Managing Director of the County’s Financial Advisor (KNN Public Finance), is very experienced in these matters and commented that “an AA rating is really exceptional for any County, and particularly so for one of Nevada County’s size and economic base. I strongly believe that the strength of County management and the County’s prudent financial practices and policies played a key role. That’s a testament to Management, other County staff and the Board.”
The full S&P report can be found here.