PITTSBURGH – Allegheny County’s long-term bond rating and underlying rating outlook has been raised by Standard & Poor’s Rating Agency from negative to stable on its general obligation debt, indicating that the County has a strong capacity to meet its financial commitments. The outlook revision reflects Standard & Poor’s assessment of management’s continued efforts to maintain its adequate finances and reduce its reliance on one-time measures for budget relief.
“We are really pleased by this news and are proud that our work to stabilize the County’s finances has been recognized by Standard & Poor’s,” said County Executive Rich Fitzgerald. “This would not have been possible without County Council and their commitment to improve our financial condition by authorizing our most recent bond re-financing and providing for a $2 million line item in the budget to increase our fund balance.”
Standard & Poor’s assigned its ‘A+’ long-term rating and stable outlook to the county’s taxable general obligation (GO) refunding bonds and GO bonds. It also affirmed its ‘A+’ long-term rating and underlying rating on the county’s existing GO debt. Standard & Poor’s rating reflects the service’s opinion of the county’s role as the hub of the large and diverse Pittsburgh metropolitan economy, good income and strong wealth and moderate debt.
Credit ratings are one of several tools that investors can use when making decisions about purchasing bonds and other income investments. They provide opinions about credit risk and the ability and willingness of an issuer to meet its financial obligations in full and on time.
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