November 19, 2019
Salt Lake County Earns Triple-A Bond Rating
Gabe Moreno -
Salt Lake County, UT — Salt Lake County Mayor Jenny Wilson is praising Salt Lake County’s fiscal management team, and the Salt Lake County Council after receiving notice that three national agencies – S&P Global, Fitch Ratings, and Moody’s – have assigned Salt Lake County with a Triple-A bond rating — the highest possible financial rating.
“This bond rating is a testament to our commitment to operating in a fiscally-conservative and prudent manner,” said Mayor Wilson. “I’m proud of our fiscal management team. They serve the taxpayers well in how they manage governmental operations, and the financial world continues to take notice.”
This indicator is important because bonds are a way for the county to borrow money to finance projects such as parks, libraries, health clinics, roads, flood control facilities, and other county facilities. This bond rating allows the county to get the lowest possible interest cost, saving county taxpayers thousands, and ultimately millions of dollars over the course of the county's repayment of its bonds.
“Salt Lake County remains on the top 2% of counties nationwide for financial health,” said Salt Lake County’s Chief Financial Officer Darrin Casper. “For the last 21 years, Salt Lake County policymakers have worked together effectively with the common goal of maintaining this Triple-A bond rating.”
Definition: The phrase Triple-A, or AAA, refers to the highest rating awarded by various bond agencies for a specific bond. It indicates that an investment is extremely safe and there is very little risk of default. At any given time, there are very few AAA companies in the world. Having a rating this high allows a company to borrow money and raise capital at rates just above the safest world governments, providing a huge competitive advantage. — from About.com