news 4 days ago

Onslow receives upgrade to credit rating

The Daily News, Jacksonville, N.C. — The Daily News, Jacksonville, N.C.

Feb. 14-- Feb. 14--Onslow County announced this week that Moody's Investors Services recently upgraded their General Obligation (GO) rating to Aa1 and limited obligation bond rating to Aa2. They also assigned an Aa2 to the county's $22.1 million Limited Obligation Bonds, Series 2020.

"This potentially enables Onslow County to borrow at a lower interest rate, and in return, brings savings of tax payers' dollars," David McCole, Onslow County finance officer, is quoted as saying in a press release about the change.

According to Moody's, Onslow County, (Aa1) benefits from a large and growing tax base and, while resident income and wealth metrics are below state and national averages, this is largely driven by the significant military presence in the county.

Financial reserves and liquidity are sound and stable, accoding to the release, supported by proactive and conservative management and formal policies. The county's debt burden is above statewide medians, but overall long-term liabilities are low and fixed costs are manageable.

Onslow County will continue to benefit from its conservative, forward-looking management team with long-standing practices of debt modeling and financial forecasting, according to the release. Management continually reviews and strengthens the county's already prudent financial policies further adding to operating stability.

"We are able to get this rating thanks to the fiscally responsible approach of the Board of Commissioners," according to McCole.

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