Mobile County Commission's Credit Rating Upgraded to AA+

Posted on: May 23rd, 2024 | News and Announcementsfeatured newsPress Releases

 

MOBILE COUNTY, Ala. -- Standard & Poor’s Global Ratings recently announced it has raised Mobile County Alabama’s (Mobile County Commission’s) General Obligation Debt Rating and its long-term rating to AA+ from AA and designated its outlook as “stable.”

In layman's terms, it’s like upgrading from a very good credit score to an even better one.

These upgrades signify a vote of confidence from one of the world's leading credit rating agencies in Mobile County Commission’s financial stability and ability to manage debt responsibly, both now and for the foreseeable future.

"This rating upgrade is a validation of our efforts to manage our finances responsibly and efficiently. It reflects our continued commitment to the sound stewardship of taxpayer dollars,” said Mobile County Commission President Randall Dueitt.

According to County Administrator Eddie Kerr: “This rating upgrade directly benefits our citizens. With a higher credit rating, we can secure lower interest rates when borrowing money for important projects like road repairs, infrastructure upgrades, and public services. Ultimately, this means more efficient use of taxpayer dollars and continued progress for our community.”

“This upgraded credit rating not only validates our efforts toward fiscal responsibility and prudent financial management but also positions Mobile County to better serve our citizens as we continue to build for the future,” said Finance Director Dana Foster-Allen.

In its May 14, 2024 news release announcing the credit upgrade, S&P said:

• “The upgrade reflects continued growth in an economy that benefits from the only deep-sea port in the state, further supported by very strong finances, strong management, and a low debt burden,” said S&P Global Ratings Credit analyst Karolina Norris.
• “The stable outlook reflects our view that the county’s economy will continue to benefit from the port presence and ongoing development, and that the county will maintain very strong reserves to offset its environmental risks, supported by strong management.”