WELLINGTON COUNTY– The Standard and Poor’s credit rating agency recently announced that the County of Wellington has maintained its AA+ credit rating, with a stable outlook.
“Wellington County’s operating performance and financial management continues to remain very strong even amid the COVID-19 pandemic,” said Warden Kelly Linton in a press release.
“It is rewarding to know that our efforts at balancing costs, expenditures and investments in infrastructure continue to result in a very strong quality of life that continues to be enjoyed by our residents.”
Standard and Poor’s highlighted the following areas for the AA+ credit rating:
– steady population growth;
– above-average household income;
– strong and improving financial management practices;
– stable economy and advantageous location;
– strong budgetary performance;
– healthy liquidity position;
– stable, well-balanced, predictable institutional framework;
– budgetary stresses stemming from the pandemic will be largely temporary in nature; and
– county council and staff demonstrate stable, experienced and effective leadership.
“The county has maintained its AA+ credit rating for the past six years,” stated Chris White, administration, finance and human resources committee chair.
“We’ve been able to do this by balancing needs with resources.
“The AA+ credit rating also results in a lower cost of borrowing to help finance future capital projects for the county and its member municipalities.”