During a presentation of two complex computer financing proposals, BMO’s Eric Anderson brought good news to the McHenry County Board’s Finance Committee today.
Moody’s has decided that McHenry County deserves to continue to have an Aaa bond rating.
That is the highest rating Moody’s awards.
That was the decision after reviewing a proposal to issue $15.65 million in General Obligation Debt Certificates.
Such debt certificates stand first in line to be paid from property, income, sales tax and other income coming into McHenry County coffers.
They are not secured by a specifically-designated flow of income.
The memo from Anderson points out,
The Aaa issuer rating reflects the county’s large, wealthy tax base; ample reserves;and low debt burden.
These attributes are balanced against several consecutive years of material tax base valuation declines.
Anderson reports that the “county’s strong credit fundamentals, particularly its ample liquidity” is the reason the debt certificates have the same rating as the county.