VENTURA — The nation’s two top credit ratings firms – Moody’s Investors Service and Standard & Poor’s Rating Services – have awarded the County with their highest short-term credit ratings. The credit considerations noted that the County’s financial performance will remain solid.
“I really appreciate this recognition of our longstanding commitment to responsible fiscal practices especially during the challenges of the pandemic. The ratings are a validation of the work the Board of Supervisors, the managers and workforce are doing to keep the County fiscally strong,” said Mike Powers, County Executive Officer. “These positive ratings are also a reflection of the commitment of our local taxpaying individuals and businesses who have continued to make payments, even in the face of this unprecedented health and economic crisis. The careful management of public funds has enabled us to weather the COVID-19 response effort, so we are positioned to continue providing services and resources to our community.”
The Moody’s report noted the County’s financial position remains strong and stable, supported by conservative budgeting and expenditure practices, strong management and adopted policies. The County has consistently maintained operating surpluses. Credit strengths noted included exceptionally large, assessed valuation with continued growth, a diverse local economy, a strong financial position and proactive fiscal management.
“Our credit ratings are a reflection of the strong fiscal guidance provided by our Board and the dedication of our finance and budget staff throughout the organization,” said Kaye Mand, County Chief Financial Officer. “They also recognize our fiscal policy requiring balanced budgets and prohibiting the funding of ongoing expenses with onetime sources.”
Moody’s assigned its MIG 1 rating for the County’s 2021-22 Tax and Revenue Anticipation Notes reflects the County’s very strong long-term credit quality. It incorporates the robust projected liquidity position at the time of note maturity, a track record of accurate revenue forecasts and budgeting assumptions, the quality of cash management and strong note structure with advance set asides for repayment in December 2021, April 2022 and May 2022. The proceeds of the notes will be used primarily to fund pre-payment of the County’s annual pension contribution for savings, as well as for cash flow purposes.
Standard & Poor’s assigned its SP-1+ short-term rating to the County of Ventura series 2021-2022 tax and revenue anticipation notes (TRANs). The credit overview indicated strong projected debt service coverage ratios and a historical use of conservative assumptions in the County’s TRAN cash flows, resulting in a positive variance when comparing actuals with prior-year projections.
The County of Ventura successfully sold $110 million of 2021-22 Tax and Revenue Anticipation Notes June 3 at a low True Interest Cost of 0.151%. The competitive sale attracted bids from 8 underwriting firms, with J.P. Morgan submitting the lowest overall bid. The County benefited from a very strong tone in the overall municipal market. This will generate approximately $6 million in annual savings.
The rating agencies provide independent assessments of the creditworthiness of the County as a borrower, which investors use as a guide to evaluate credit risk. Government credit ratings are similar to consumer FICO or credit scores. The County’s status as a low credit risk means the interest rate it pays to borrow money is lower than it would be otherwise, thus providing flexibility and security in funding vital services for the County’s constituents.
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El Condado de Ventura es Otorgado las Mejores Calificaciones Crediticias y de Financiamiento Exitoso |
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Produciendo aproximadamente $6 millones en ahorros anuales |
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Ventura, CA – Las dos empresas principales de calificación crediticia del país Moody’s Investors Services y Standard & Poor’s Rating Services – han otorgado al Condado las calificaciones crediticias más altas para créditos a corto plazo. Estas acreditaciones resaltan que la situación financiera del Condado permanecerá sólida. “Realmente aprecio el reconocimiento de nuestro compromiso permanente de seguir prácticas fiscales responsables, especialmente durante los desafíos de la pandemia. Las calificaciones son una validación del trabajo que la Junta de Supervisores, los gerentes, y la fuerza laboral realizan para mantener al condado fiscalmente fuerte,” dijo Mike Powers, Funcionario Ejecutivo del Condado. “Estas calificaciones positivas también reflejan el compromiso de nuestros contribuyentes y empresas locales que han continuadohaciendopagos,inclusofrente a esta crisis económica y de salud sin precedentes. El manejo prudente de los fondos públicos nos ha permitido enfrentar la respuesta al COVID-19, para estar posicionados para continuar brindando servicios y recursos a nuestra comunidad.” El informe de Moody’s observo que la posición financiera del condado se mantiene fuerte y estable, respaldada por prácticas de presupuesto conservadoras, un manejo sólido, y por las políticas que han sido adoptadas. El condado ha mantenido constantemente excedentes operativos. Las fortalezas crediticias observadas incluyeron una valoración evaluada excepcionalmente alta con crecimiento continuo, una economía local diversificada, una posición financiera sólida y una gestión |
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fiscal proactiva. “Nuestras calificaciones crediticias son un reflejo de la sólida orientación fiscal por parte de nuestra Junta y la dedicación de nuestro personal de finanzas y presupuestos en toda la organización,” dijo Kaye Mand, Funcionaria Ejecutiva del condado. “También reconocieron nuestra política fiscal que exige presupuestos equilibrados y prohíbe la financiación de gastos continuos con fuentes únicas.” Recibir la calificación “MIG 1” para las notas anticipadas de impuestos e ingresos del condado del 2021- 22 por parte de la empresa de calificación crediticia de Moody’s refleja la sólida calidad crediticia del condadoa largo plazo.Incorpora la sólida posición de liquidez proyectada en el momento del vencimiento de las notas, un historial de previsiones de ingresos precisas e hipótesis presupuestarias, la calidad de la gestión financiera y una sólida estructura de notas con anticipos del reembolso en
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