Washington County receives highest credit rating

In an announcement in late June, Moody’s Ratings assigned Washington County the highest rating level of “Aaa,” which the global financial evaluation firm issues for municipal government debt. This rating was in advance of the county’s issuance of full faith and credit bonds to raise $150 million in proceeds to fund projects through the county’s long-standing Major Streets Transportation Improvement Program.

In the rating report, Moody’s cited Washington County’s “strong and diverse economic base, strong financial position supported by prudent fiscal management and low leverage.”

“We are delighted with this great news! This designation speaks to Washington County’s commitment to long-term financial stability and to providing critical services to our community, all within our available resources,” said Washington County Board Chair Kathryn Harrington.

“This top-level designation from Moody’s is the result of years of prudent financial management and decision making throughout the Washington County organization and has the immediate effect of minimizing the cost of debt for our community’s transportation needs,” said County Administrator Tanya Ange.

In describing the county’s total outstanding debt, including the new bond issuance, Moody’s stated that “the county's sound financial position will remain stable because of the county's sophisticated and conservative fiscal management, which will overcome some budgetary pressures related to limitations on property tax revenue growth and decrease in revenues such as the expiration of Strategic Investment Plan (SIP) agreements.”

Washington County is a leading-edge, mission-focused organization that successfully serves the community now and in the years ahead. The organization is supported by a budget of $2 billion and is staffed by 2,396 full-time equivalent employees serving a diverse and growing population of 611,389 on the western side of the Portland metropolitan area. More information about Washington County can be found at washingtoncountyor.gov.

About the ratings:
A rating is a grade that indicates the credit quality of a bond based on the evaluation of an issuer’s financial strength. Private rating services such as Moody’s provide these evaluations. Ratings are divided into several categories ranging from Aaa, reflecting the strongest credit quality, to C, reflecting the lowest.