Tuesday, September 20, 2016

Fitch Ratings: Pinal County Bonds Upgraded to AA

FLORENCE - The Pinal County Board of Supervisors was pleased to learn that Fitch Ratings has upgraded the county from AA- to AA.
The improved rating means that any bonding the county secures in the future will have lower interest payments.  Currently, Pinal County has four bonds, these bonds are financing projects throughout the county.
"This is very good news coming from Fitch," stated Chairman Todd House.  "When you look at Fitch's reasoning for improving our bond rating it is our positioning to participate in the regional economic expansion currently underway.  We are leading the way in Arizona when it comes to economic development and it's paying off."
The report from Fitch points out that the county has been diversifying its economy for the past decade from mining and agriculture to other sectors like trade, transportation and utilities along with professional and business services.
"We've worked extremely hard on developing a strategy for the future," said Vice-Chairman Anthony Smith.  "One focus of that strategy is economic development and improving government services.  The analysts at Fitch Ratings obviously saw the great strides we are making when it comes to making Pinal County a more business friendly environment.  That is evidenced by six straight years of growth when it comes to sales tax revenues."
Pinal County has experienced no shortage of companies interested in relocating or starting their operations within its borders.  Recent announcements by Attessa to build its new multi-use racing facility just south of Casa Grande and Case New Holland relocating to Pinal County has made this area one of the fastest growing in not only Arizona, but the nation as well.
"When it comes to policy-making, this Board has been consistent in its goal to bring in new business opportunities for our residents," said County Manager Greg Stanley.  "The staff has been given their direction and has embraced this challenge.  We are all working well at making local government not only effective, but efficient with the taxpayer dollars.  Looking at the report, Fitch saw this and remarked on our conservative budgeting."