Currituck Receives Higher Financial Rating
Standard and Poor's Rating Services recently upgraded Currituck County Government's long-term credit rating and proclaimed the county has a stable financial outlook.
Following its analysis, Standard and Poor's raised the rating of Currituck County's general obligation bonds to ‘AA' from ‘AA-‘ and removed its negative rating from CreditWatch.
In its assessment of Currituck County, Standard and Poor's report states that Currituck's economy is "very strong" and notes that the local economy reflects the tourism industry. Currituck County Government maintains standard financial management practices and strong budgetary flexibility with reserves of 10% to 15% of expenditures in the past three audited fiscal years, according to Standard and Poor's.
The report also finds that Currituck County's operations historically outperform its budget because of continued monitoring of expenses, and that Currituck County has a "very strong" liquidity, with total government available cash over 15% of total governmental fund expenditures at the end of 2013.
To view the report, visit http://www.standardandpoors.com/ and use the Ratings Search box in the left column.