County Rated Triple-A

Wake County continues to impress municipal bond rating agencies, and taxpayers will reap the rewards. With the final rating coming in on Tuesday, the country's three largest municipal bond rating agencies have affirmed the County's triple-A rating. The County has received the highest possible rating from Moody's since 1973, from Standard & Poor's since 1983 and from Fitch since 2000.

Wake County's excellent bond rating will save taxpayers millions in interest on a $122.9-million fixed-rate general obligation bond sale to take place March 18. These bonds will be used for public school construction, open space acquisition and Wake Technical Community College construction projects.

"This triple-A bond rating puts Wake County in a strong position to move solidly ahead with our schools, capital program and other infrastructure needs," said Board of Commissioners' Chairman Herb Council, "which is even more important given the state's deficits, the state's withholding of our local revenues and the downturn in the local economy."

The Local Government Commission (LGC), a division of the State Treasurer's Office, competitively bids fixed-rate general obligation bonds for the County.

The County's bond rating translates into lower interest rates and a substantial interest cost savings over the life of the bonds.

"We stand to save considerable money on bond sales," Wake County Finance Director Cam Frazier said.  "The County's triple-A ratings reflect sound fiscal oversight by the County Commissioners."

General obligation bonds are backed by the full faith and credit of the County, which means that the repayment of the bonds is guaranteed by the County's taxing authority.

The County's Capital Improvement Program provides for repayment of the bonds with no tax increase.