Moody’s reaffirms Lee’s positive credit ratings
Moody’s Investor Services affirmed the bond rating for Lee County on April 8. This report was issued after a comprehensive review of the financial condition of the county, and concluded that the Aa2 overall rating remains appropriate, county officials said today.
Individual bond issues were also reviewed, and the original ratings were affirmed. These county bonds were originally sold between 1997 and 2006. All ratings place the county debt at the investment grade category, the highest level Moody’s assigns.
The report acknowledges the economic pressures in this area, but cited “officials’ conservative budgeting” and decisions that “produced sound cash and equity position, without requiring drastic service cuts at this point” for the positive rating.
It also cites the county’s “conservative management style and favorable long-term planning” as reasons to maintain the high bond rating.
Coincidentally, The New York Times reported the same day that Moody’s is assigning overall a negative outlook to local government credit ratings because of tax base erosion and general economic conditions. This decision by Moody’s further differentiates the strength of the Lee County rating from most local governments, officials said.