Bucks County, Pennsylvania, reached a new gold standard in its credit rating last week when Moody’s and Standard & Poor’s both confirmed the jurisdiction’s “Triple A” rating in preparation for the county’s newest bond offering.
Moody’s Investors Service and Standard & Poor’s Rating Services each previously upgraded Bucks County’s credit rating to the highest possible — with Moody’s awarding the county's first-ever AAA rating in April 2010 and S&P raising its score from AA+ to AAA in September 2014.
Now, the municipality has gained a select status as one of only three AAA-rated counties in the state, as well as maintaining its rank among counties meriting two AAA-ratings nationwide.
Bucks County Chief Operating Officer Brian Hessenthaler applauded the county’s Director of Finance and Administration David Boscola and his staff for initiating the process.
“It is with great pride and pleasure that we are able to continue to be recognized at the highest level in our ongoing efforts to provide services to the residents of Bucks County in the most efficient and economical manner,” Hessenthaler said.
County commissioners expressed pleasure at the news.
“These ratings confirm that the financial course we have charted is continuing to pay off for the residents and taxpayers of Bucks County,” Commission Chairman Robert Loughery said.
The Moody’s report, issued May 26, remarked on Bucks County’s “solid management evidenced by recent conservative budgeting and modest operating surpluses.”
Standard & Poor echoed the praise on May 29, citing “very strong economy; very strong budgetary flexibility…very strong liquidity; strong management, with ‘good’ financial policies; very strong debt and contingent liability position; and a strong 'institutional framework score'.”