Cumberland County has maintained its AAA rating, according to the Cumberland County Board of Commissioners.
The county has had an AAA rating since 2008. Only four Pennsylvania counties achieved the rating this year.
The rating, from Standard & Poor’s, acknowledges counties with a strong institutional framework, economy and fiscal performance, and with a very strong budgetary flexibility, liquidity, strong debt and contingent liability position, and management with strong financial policies and practices.
“He said ‘I think the county commissioners are about the highest level of government in our country that still works,’” County Commission Jim Hertzler said in March, quoting an attendee of the County Commissioners’ Association of Pennsylvania conference. “When you think about local government … it’s where the rubber hits the road. There’s a lot of talk in Harrisburg and D.C., but not much seems to get done.”
The AAA rating helps counties financially, allowing it to borrow at low rates for capital projects.
In June, the commissioners moved forward with refinancing a 2011 bond issue, and the rating was an essential step in the refinancing process.
The county will participate in the sale/auction of the bond, which is scheduled for July 25. Having the AAA rating improves the county’s position during the auction and is expected to save the county at least $400,000.