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The original item was published from 6/20/2012 11:11:00 AM to 6/20/2012 11:20:30 AM.

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Finance

Posted on: June 7, 2012

[ARCHIVED] Ontario County Receives Aa1 Rating From Moody's

Ontario County’s credit rating from Moody’s Investors Service is Aa1. The rating was reaffirmed on May 30, 2012. A credit rating for government is similar to a FICO score for individuals, which is a financial indicator of the quality of our bond issues (debt) to potential investors. An Aa1 rating from Moody’s is the second highest possible rating. In reaffirming our rating, Moody’s stated: “The Aa1 rating reflects the county’s healthy financial position characterized by ample reserve levels and supported by strong fiscal management, its stable and growing tax base and a manageable debt profile.”

The best credit rating possible is vitally important. The higher credit rating impacts the County’s finances in the following ways:
• Increases the potential market (number of bidders of our bonds);
• Lowers the interest rate on borrowed money; and
• Significantly lowers the amount of interest paid over the life of the bond.

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