In advance of a bond issuance, the Cumberland County Board of Commissioners announced Monday that the county’s “AAA” Standard & Poor’s Global Rating was confirmed by S&P.
Cumberland County has been “AAA” rated – the highest S&P bestows – since 2008 and is one of only five Pennsylvania counties with this rating, a release noted.
“Because of the county’s ‘AAA’ rating, it allows the county to save taxpayer dollars on interest when issuing a bond,” said Chief Operating Officer Dana Best. “Over the past 14 years, the county has been able to save more than a million dollars, thanks to our good financial standing.”
The S&P report highlighted Cumberland County’s strong economy and diverse tax base as well as its healthy financial position, buttressed by very strong flexibility and liquidity, and balanced
Standard & Poor’s also praised Cumberland’s financial management policies and practices; manageable debt burden; and well-funded pension and pay-as-you go other post-employment
“We view the county’s strong management team as the driver of the financial performance and a key credit strength,” the report said. “Management uses comprehensive long-term planning,
scenario stress tests and conservative budgeting practice to maintain the county’s healthy financial profile.”
The “AAA” rating improves the county’s position during the sale/auction of the bond. An auction took place May 25 for a $14.4 million bond for the improvements to the county’s public safety radio network.
Paula Wolf is a freelance writer