Gwinnett Keeps Its Strong AAA Credit Rating

LAWRENCEVILLE, GA — Good news, Gwinnett County — your credit is still good.

County officials learned last week that Fitch Ratings Inc. has affirmed the Gwinnett government's AAA credit rating, giving it a stable outlook.

Fitch routinely reviews the credit worthiness of local governments. AAA is the highest-possible bond rating.

The rating analyzed Gwinnett County's debt of $12 million in general obligation bonds, $475.1 million in water and sewer bonds and $81.4 million in development authority bonds.

Gwinnett’s "strong revenue and expenditure flexibility, the maintenance of healthy reserves and low long-term liability burden" were key drivers for the strong rating, according to Fitch.

"The County has continually demonstrated prudent fiscal management through conservative budgeting without the use of reserves," the report said, noting "a solid history of financing capital projects on a pay-as-you-go basis."

County officials were, not surprisingly, pleased at Fitch's findings.

"This is great news for our county," said Board of Commissioners Chairwoman Charlotte Nash. "Fitch’s findings underscore our financial stability and sound financial management policies."

As part of its analysis, Fitch cited the county’s modest long-term liabilities, anticipating those liabilities will continue to decline. Specifically, Fitch referenced the county’s rapid debt repayment, lack of plans for additional debt issuance, and the funding ratios of its pension and retiree benefits plans.

In addition, Fitch noted Gwinnett’s participation in the area economy and recovering housing market as part of its favorable credit profile.

Gwinnett County has maintained the highest bond ratings from all three major rating agencies since 1997.

Image courtesy Gwinnett County