Hays County’s bond rating rose from AA to AA+, Standard and Poor’s Financial Services, LLC recently announced.
Hays County stated that Standard and Poor’s representatives met with county representatives, including the Hays County Auditor, Budget Office Director, Treasurer and General Counsel during a meeting on Oct. 19.
“It is a huge accomplishment for Hays County and speaks volumes to the investor community regarding the trajectory of the county and its historically strong financial and management practices,” said Dan Wegmiller, managing director at Specialized Public Finance Inc., adding that AA+ is one rating below the highest possible mark from Standard and Poor’s.
Hays County Auditor Marisol Alonzo said the county underwent an in-depth review of current financial reports, background information and forecasting during the Oct. 19 meeting.
The county said the AA+ rating reflect its views of its “Robust, fast-growing economy, which will likely spur growth in the county’s demographics that underpins the ability to fund service and infrastructure expansion; Well-embedded policies and practices that management utilizes to guide its budgeting and forecasting processes; Multiyear surpluses, coupled with very strong liquidity and reserves; and High debt load, reflecting infrastructure investments, but offset by manageable pension and other post-employment benefits (OPEB) costs.”
The county stated that an increased rating means improved interest rates on any future bonds gives county officials peace of mind. “It also is a source of pride for those involved in managing the county’s finances,” the county said.
“This high rating increase is a prestigious honor for the county,” Hays County Treasurer Britney Bolton Richey said.
Added Alonzo: “It’s also a reflection of the careful, diligent, and well-planned financial stability of our growing county.”
