FALK ANNOUNCES DANE COUNTY RECEIVES SECOND ‘TRIPLE A’ BOND RATING
June 25, 2003
Sharyn Wisniewski (608) 267-8823 or Chuck Hicklin (608) 266-4109
Dane County Executive Kathleen Falk announced today that Dane County has received a second “AAA” (Triple A) credit rating this week, this time from FitchRatings, for $68.8 million of 2003 tax exempt General Obligation bonds and notes to be issued after County Board action on Thursday evening (6/26).
On Monday, Moody’s Investment Service also gave Dane County a Triple A rating on the bond issue. This is the highest credit rating category available and means the County gets the lowest loan rates when it borrows money for large projects.
“This is good news for taxpayers. We’ve worked hard to control spending and manage our budget carefully to keep Dane County in excellent fiscal health,” said Falk. “ It’s good to see that work recognized in a way that benefits taxpayers.”
In citing reasons for awarding Dane County the Triple A rating, FitchRatings said “By promoting operating efficiencies, limiting financial risks and financing most infrastructure needs through internal sources, the county has increased its financial flexibility.”
In referring to other positive aspects of Dane County, the FitchRatings report said, “The administration is committed to enhancing social welfare and public safety programs while maintaining strong management practices that limit budgetary spending growth.”
“Dane County citizens love the high quality of life we enjoy here. It is my goal to keep this a great place to live, while managing our budget and finding every efficiency to limit taxes,” said Falk.
If approved by the County Board, the tax exempt bonds and notes will sell via competitive bid on June 26. The proceeds of the tax exempt bonds will finance construction of the new Justice Center, the terminal expansion of the airport, improvements to the 911 system, major repairs to County facilities, purchase of land for parks and conservation, and other capital projects.
Only two Wisconsin counties have a “Aaa” bond rating—Dane and Waukesha counties.
FitchRatings is one of the nation’s leading credit rating agencies. Bonds that are rated ‘AAA’ are judged to be of the best quality, carrying the smallest degree of risk.
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