Navajo County issued the following announcement on Oct. 12.
Navajo County is pleased to announce that Standard & Poor’s (S&P) awarded an AA Bond Rating for its 2021 Obligations and planned pension bond refinancing. The AA Bond Rating is a reflection of the County’s general creditworthiness and stable financial outlook and will help the County achieve the best possible interest rate. The move to finance the County’s existing pension debt is expected to save taxpayers $11 million (cash basis) over the next seventeen years.
“S&P has reaffirmed the County’s AA Bond Rating, and this gives us an opportunity to achieve significant savings over many years,” said Navajo County Chairman Daryl Seymore. “The challenges with retirement systems at the State were not our making but we have a solution that is fiscally sound and sustainable.”
The AA Bond Rating is a testament to the County’s careful financial management and commitment to protecting taxpayer funds. S&P Global Ratings credit analysts specifically praised the County’s strong outlook, financial reserves, and decision-making. “The stable outlook reflects (S&P’s) expectation that the county's general creditworthiness will likely remain stable, supported by very strong reserves and manageable expenditure growth.”
Original source can be found here.
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