TOLEDO, Ohio — Credit ratings for Lucas County were released by the county's board of commissioners Wednesday, Sept. 18.
According to the credit rating agency Moody's, Lucas County ranked highly as an entity for economic development and risk mitigation for investors.
Lucas County said it's currently ranks as an AA2 issuer rating and an AA2 in outstanding general obligation limited tax debt, meaning it is eligible to receive high credit quality bonds.
Lucas County has held an AA2 rating, the third highest on the agency’s scale, since 2011.
The Lucas County Board of Commissioners state the rating comes from the county's current financial management practices.
“These ratings reflect our sound fiscal management practices, strong financial policies, and our commitment to maintaining stable operations to ensure Lucas County services, programs, and projects are successful,” stated the board in a press statement.
Additionally, Moody's assigned Lucas County a MIG 1 rating for various purpose improvement notes, series 2024 and maintained a MIG 1 on the County’s outstanding general obligation limited tax-backed notes.
“The MIG 1 rating on the notes reflects the county’s strong underlying credit quality, demonstrated history of market access, and strong liquidity,” Moody’s wrote.
But Moody's Ratings aren't the only ratings received by the county. S&P Global ratings affirmed the county’s general obligation long-term rating as AA, meaning the entity was highly likelihood to meet financial obligations.
"The rating “reflects our view of a broad and diverse economy anchored by Toledo, healthy reserves, and a robust financial management framework,” S&P wrote in its report.
The agency also assigned its SP-1+ short-term rating to the county’s various purpose improvement notes and economic development nontax revenue notes for 2024.
