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May 4, 2010

County Gets an A+ Rating on Bonds

Rutherfordton, NC — County Commissioners got some good news about the county’s bond rating at their May meeting Monday night. Standard and Poor’s has upgraded the county from an “A” rating to an “A+” rating.

“This upgrade is based on our view of the county’s maintenance of a very strong financial position,” said Standard and Poor’s credit analyst Valerie White in a message sent to the county’s finance department. County Finance Director Julie Scherer said the new rating would help secure low interest rates on bonds in the future, but it as it was only announced Monday it probably didn’t affect the interest rate for $1.5 million in general obligation bonds for sewer and water projects approved by the board Monday night.

The board did vote unanimously to approve a $1.5 million GO bond with BB&T at an interest rate of 4.53 percent for 15 years.

Article by Scott Baughman at "The Daily Courier"