Executive - Press Release

Posted on: October 11, 2016

Moody’s affirms New Castle County's top fiscal rating

Moody’s Investors Service again has given New Castle County its top fiscal rating, noting its “very healthy financial position” and “extremely small debt liability.”
The financial-rating service says the county is among the nation's best.
“This new annual evaluation – along with our top ratings from the country’s other top two credit-rating services – repeats Moody’s confidence from previous years that our administration has been financially responsible to our residents without raising taxes,” County Executive Thomas P. Gordon said Wednesday.
Among 3,007 counties across the country, New Castle County continues to be one of only 39 – fewer than 2 percent – to earn the highest possible ratings from Standard & Poor’s, Moody’s and Fitch Ratings, said Michael Coupe, the county’s chief financial officer, who just received the annual report.
The unanimous and repeated “Triple AAA” rating from the well-respected services reflects Gordon’s conscientious leadership, Coupe said. Gordon has served an unprecedented three terms as county executive without a single hike in property taxes, while improving public safety, parks, libraries and other services.
The new financial evaluation, Coupe added, specifically praises New Castle County’s reserves as “far superior to other Moody’s-rated counties nationwide.”
Calling its credit position “superior,” Moody’s also described the county as having “a robust financial position” worthy of the top rating, with general improvement in its tax base.
The service concluded its comments about New Castle County’s fiscal evaluation by saying, “Balanced financial operations exhibit sound financial management.”

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