Standard & Poor’s Rating Services has assigned its AA/A-1+ rating with a stable outlook to Bibb County.
The rating is similar to what it was before but now will allow Bibb County to issue bonds without requiring liquidity support, said Deborah Martin, Bibb’s finance director.
“Which really means you’ve got a much better rating,” Commissioner Elmo Richardson said Monday.
The rating also will allow the county to get a better interest rate on bond sales. Bonds for the Bass Pro Shops and Sofkee Industrial Park projects immediately will be affected by the change.
In assigning the county’s bond rating, Standard & Poor’s analyzed the county’s assets, credit quality and overall market risk, according to a June 25 report. The ratings reflect Bibb’s solid regional economy, sustained strong financial performance and low overall debt, according to the report.
“The cost of doing business is greatly reduced by having a good bond rating and having a good credit worthiness,” Bibb Commission Chairman Sam Hart said.