County of San Mateo Maintains High Credit Ratings
The County of San Mateo has maintained its outstanding credit rating from two agencies — designations which ultimately mean future savings on planned capital projects to improve safety and efficiency for the community.
Moody’s Investor Services and S&P Global Ratings affirmed the County’s Aaa and AAA issuer ratings, respectively. Similarly, Moody’s and S&P assigned Aa1 and AA+ lease ratings to the County’s $205.1 million 2018 Series A lease revenue bonds (Capital Projects) and $52.7 million 2019 Series A lease revenue bonds (Forward Refunding). These represent the highest possible lease ratings for a California issuer and reflect the County’s robust tax base, vibrant local economy, moderate debt and fiscal responsibility. The high ratings enable the County to borrow at the lowest possible interest rates when financing major capital improvement projects.
These ratings along with a stable outlook designation reflect strong leadership and conservative fiscal policies and mean that the rating agencies expect that the County’s tax base will continue to grow, pension and debt burdens will remain manageable, and the County will maintain a healthy and stable financial position.
At its Oct. 23, 2018 meeting, the San Mateo County Board of Supervisors approved the bond plan for financing major capital projects including a new County office building on the Redwood City campus and renovation of the Health Campus in San Mateo. When finished, the new building swill reduce reliance on leased space and maintaining aged facilities, on which both the County currently spends millions of dollars annually.