• State News
  • National News
  • Subscribe
  • About Us
  • Contact Us
Subscribe For $2.50/month
Print Editions
Henry County Enterprise
  • News
    • Neighborhood News
    • Business
    • Community Calendar
    • State News
    • National News
  • Obituaries
  • Classifieds
  • eEnterprise
  • Spiritual
    • The Episcopal Diocese of Virginia
    • Transcendental Meditation
    • Parabola
    • Southern Baptist
  • My account
  • Login
  • FAQ
No Result
View All Result
Henry County Enterprise
No Result
View All Result
Henry County Enterprise
No Result
View All Result

County receives favorable review on credit rating

Enterprise by Enterprise
July 16, 2021
in Local News
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Henry County is in a “very healthy credit position,” according to a recent evaluation by the credit rating agency, Moody’s Investors Service.

The agency rated the County as “Aa3” on a scale that ranges from “Aaa” to “C.”

“The better you are rated, the better interest rate you can get when you go out to market to borrow money,” said Darrell Jones, Director of Finance.

Jones said the County receives an annual credit rating from Moody’s, S&P Global and Fitch Ratings which is linked to the loan for construction of the new Adult Detention Center.

“That rating was a piece of the whole process,” Jones said. “We had to borrow approximately $80 million to build the facility but we needed to get the rating first. The people who loan out money really respect the opinions of those three agencies.”

Jones said the county has maintained the “Aa3” rating since it was initially issued by Moody’s. A review of the rating will take place each year until the loan on the Adult Detention Center has been repaid. 

Factors that can affect the county’s credit position are finances, size of the tax base, debt and pension liability.

Based on the review by Moody’s, the full value of the county’s economy is $3.9 billion. In addition, the cash balance for the county is 88.5 percent of operating revenues which is “far above” the median for the country. The county’s fund balance is 38.4 percent of operating revenues which is roughly equivalent to the U.S. median.

Sign up to our Newsletters.

Enter your email address to receive weekly notifications straight to your inbox.

Please confirm your subscription!
Some fields are missing or incorrect!
Lists
Previous Post

State health officials confirm second death of child under 10 

Next Post

New dashboard will show COVID-19 cases by vaccination status 

Next Post
Frontline farmers are eligible for COVID-19 vaccine

New dashboard will show COVID-19 cases by vaccination status 

Sign up to our Newsletters.

Enter your email address to receive weekly notifications straight to your inbox.

Please confirm your subscription!
Some fields are missing or incorrect!
Lists
  • State News
  • National News
  • Subscribe
  • About Us
  • Contact Us
Call us: 304-647-5724

  • Login
Forgot Password?
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.
body::-webkit-scrollbar { width: 7px; } body::-webkit-scrollbar-track { border-radius: 10px; background: #f0f0f0; } body::-webkit-scrollbar-thumb { border-radius: 50px; background: #dfdbdb }
No Result
View All Result
  • News
    • Neighborhood News
    • Business
    • Community Calendar
    • State News
    • National News
  • Obituaries
  • Classifieds
  • eEnterprise
  • Spiritual
    • The Episcopal Diocese of Virginia
    • Transcendental Meditation
    • Parabola
    • Southern Baptist
  • My account
  • Login
  • FAQ