Moody’s Investors Service upgraded the credit rating of existing Contra Costa County lease revenue bonds from “A1” to “Aa3”. The October 6, 2016, upgrade follows the implementation of a new rating methodology implemented by Moody’s in July 2016 to evaluate the credits of state and local government entities in the United States.
Candace Andersen, Chair of the Board of Supervisors, noted that “the upgrade from Moody’s is further affirmation that Contra Costa County is well regarded for its financial management and responsible budgetary practices by the financial markets.” The County’s Issuer Rating, an indicator of its general creditworthiness, remains unchanged at a favorable “Aa2”. A copy of the press release from Moody’s is attached for reference.
Last year, Standard and Poor’s affirmed its “AAA” Issuer Credit Rating (ICR) and “AA+” lease revenue bond ratings for Contra Costa County citing its “very strong economy” and “very strong management, with ‘strong’ financial policies and practices…” Standard and Poor’s originally rated the County as “AAA” in 2012.
