Pima County’s general obligation bond rating reached its highest mark recently, receiving a AAA rating from Fitch Ratings.
The recent rating by Fitch is the first time the county has reached AAA ratings on its bond debt, which applies to almost a dozen of the general obligation bonds issued since 2007, according to a press release.
“The AAA rating is very satisfying,” County Finance Director Keith Dommer said in the release. “It exemplifies our goals at Pima County. Being able to easily meet our financial obligations is a tribute to the commitment and priorities of County leadership and the diligence, thoroughness and ethics of the Finance Department’s staff.”
According to Fitch, the county’s elevated rating was based on changes recently made to Arizona’s laws pertaining to lien rights of bondholders. Pima County has never received a credit rating below AA for its general obligation and highway revenue bonds in over 10 years.
“The new ratings reflect Pima County’s very sound financial position and careful debt management practices,” the county said in a press release.
Fitch Solutions, the lead distributor of Fitch Ratings, examines over 140 different data fields and up to 35 years of historical rating actions in its calculation of ratings by using special reports and market commentary.