Credit Rating Agencies Deem County Finances and Management Strong
Wicomico County has sold $9.915 million in general obligation bonds to finance several major projects in the county. The bonds carry a true interest cost of 3.019%% County Executive Bob Culver reported this week. The County's issue drew a strong market response of 7 bidders, which is indicative of the attractiveness of its bonds.
"We met with all three credit rating agencies in New York in September and updated them on the positive financial outlook for our county," Culver said. "All three ratings agencies spoke highly of the county's strong management team and their continued confidence in our conservative fiscal practices."
The County earned an AA+ rating from S&P Global Ratings; an AA rating from Fitch Ratings, and an Aa2 rating from Moody's Investors Service.
A significant portion of the bond money will be spent on projects for the Wicomico County Board of Education. That includes $852,000 for Delmar Elementary School; $331,000 for Glen Avenue School; $154,000 Pinehurst Elementary; $75,000 for Fruitland Primary; $1,047,000 for Pinehurst Elementary; $1,216,000 for Mardela High/Middle School; $490,000 Stadium/Field House; $500,000 for Wicomico High School; $450,000 for Parkside High School.
Another project includes $5,189.500 for the Sheriff's Office Project for the Public Safety building.
Executive Culver concluded "All of these projects are important for Wicomico County, and I am pleased to report they are moving forward. Such favorable reports from the credit rating agencies reinforces that our fiscal management in Wicomico County continues to be strong."