Olmsted County once again received a Aaa/AAA credit rating — the highest possible rating — from both Moody’s Investors Service and S&P Global Ratings. The county received the Aaa/AAA designation for the first time in 2002.
“Only 3 percent of counties in the nation have a AAA credit rating,” stated Jim Bier, chairman o f the Olmsted County Board of Commissioners. “Olmsted County is proud to be part of that elite group.”
Various criteria are used to evaluate credit: outlook, economy, management, budgetary performance, budgetary flexibility, liquidity, debt and contingent liability and institutional framework. Olmsted County showed increased ratings from 2015 to 2019 in the areas of management, budgetary performance, debt and contingent liability and institutional framework.
As stated in the S&P report: “The county has an experienced, highly knowledgeable management team, as evidenced by a long history of responsible budget development and monitoring, which we believe will continue due to management’s forward-looking perspective.”
Moody’s cited Olmsted County’s growing tax base, financial operations and flexibility as credit strengths.
“At Olmsted County, we are committed to making sound financial decisions and following strong financial policies and practices,” said Olmsted County Chief Financial Officer Wilfredo Roman Catala. “Our strong AAA credit rating reflects our dedication to financial stewardship.”