From: Todd Loggan, Clackamas County Public and Government Affairs, 503-742-4562
County Administrator Don Krupp today announced that Moody's Investors Service has upgraded Clackamas County's rating on the county's outstanding General Obligation Bonds and Full Faith and Credit Obligations to Aaa from Aa1, and upgraded the Multifamily Housing Revenue Bonds, Series 2013A (Easton Ridge Apartments Project) to Aa2 from Aa3.
From Moody's: "The upgrade to Aaa reflects the expanding local economy, which benefits from participation in the highly diversified Portland metropolitan area, as well as the county's continued ability to manage cost increases associated with growing pension liabilities. The upgrade also incorporates the county's healthy reserves, low debt, and above-average community wealth."
"This is very exciting news," stated County Administrator Don Krupp. "This is the county's first Aaa rating in its history."
Aaa is the highest possible rating assigned to an issuer's bonds by credit rating agencies. An Aaa-rated bond has an exceptional degree of creditworthiness because the issuer can readily meet its financial commitments. Aaa is Moody's top credit rating and reflects well on the county's responsible and prudent financial leadership.
In practical terms, a high credit rating lowers the cost of borrowing, saving the county interest costs when it needs to finance large projects.
For more information, members of the media and public may contact Todd Loggan at Tloggan@clackamas.us or 503-742-4562.