WICOMICO COUNTY CONDUCTS SUCCESSFUL BOND SALE
For Immediate Release
December 11, 2008
Wicomico County sold $20,170,000 in bonds at competitive bid today. These bonds will finance the on-going James M. Bennett High School construction and various public works projects. There were five bidders, with interest rates ranging from 5.188% to 5.332%. The award went to Hutchinson, Shockey, Erley & Co., the low bidder.
The sale came after a successful trip to New York City to meet with the three leading bond rating agencies. This year, Standard & Poor’s (S&P) upgraded the County’s rating from A+ to AA-, which followed last year’s outlook upgrade from “stable” to “positive” from Fitch Ratings. “To achieve a ratings upgrade in this economic climate is a considerable accomplishment,” said Wicomico County Executive Richard M. Pollitt, Jr.
“Based on the latest information on market rates, the 5.188% interest rate is less than what other AA rated groups across the country would receive,” continued Pollitt. “In other words, we will be paying a lower interest rate than we could have anticipated, given current municipal bond market conditions and our ratings of AA- (S&P), A+ with positive outlook from Fitch, and A2 from Moody’s Investors Service. We believe this interest rate reflects the bidders’ confidence in Wicomico County and can be directly tied to the ratings upgrade from S&P.”
“I am very pleased with the results of our bond sale,” concluded Pollitt. “We have prepared two budgets under my administration and in each year we achieved forward progress with the New York rating agencies. It is clear that the rating agencies feel we are managing our financial affairs well.”
The Wicomico County Council met in special session today and unanimously approved the sale.
3 comments:
Isn't that the same firm that rated all those securities that failed and caussed the big bailout fiasco -- they must be crazy to upgrade this county.
I thought I read in the Daily Times some months ago that the Town of Princess Anne was rated bond AAA. Wicomico better do some changes as they have dropped behind Princess Anne.
your "managing financial affairs well" BECAUSE YOUR RAPING THE CITISENS OF THIS COUNTY!!!!
Lower taxes now, you have way more than you need, adjust it, your killing us all!!
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