Santa Barbara County receives AAA credit rating from S&P Global Tuesday
SANTA BARBARA COUNTY, Calif. – On Tuesday, Santa Barbara County received a AAA credit rating from S&P Global Ratings, the highest rating available.
S&P Global Ratings, which provides ratings about debt issuers around the world, noted Santa Barbara County's Renew initiative which focuses on rebalancing resources to address financial and organizational challenges explain the County of Santa Barbara in a press release about the financial assessment.
"In our opinion, the continued implementation of the…organizational framework, Renew, is a governance strength," said S&P Global Ratings in its announcement. "The [Renew] organizational model emphasizes financial resiliency and operational efficiency, including integrating feedback from customers to maximize quality service, as well as a focus on staff retention, innovation, and engagement. The framework embeds a culture of strategic planning and continuous improvement."
These credit ratings reflect market confidence in the county's financial strength and will afford the county access to more favorable interest rates, saving money for the county in the long run.
The full report can be read here.
"Receiving a AAA rating is an amazing achievement and a great attestation to our County’s commitment to fiscal responsibility," said Chair of the Board of Supervisors Steve Lavagnino. "Like a home mortgage, receiving lower interest rates will equate to decades of interest savings for the County."
S&P Global Ratings also assigned a AA+ rating for Santa Barbara County's anticipated $109 million certificates of participation share the County of Santa Barbara.
Funds generated from those certificates of participation are expected to finance capital improvements across the county including a new probation headquarters, a new regional fire dispatch center, renovation of the main jail, and recreational vehicle-focused improvements at Lake Cachuma explain the County of Santa Barbara.
"We are thrilled to have achieved the highest credit rating possible from S&P Global Ratings," stated County Executive Officer Mona Miyasato. "This rating is a testament to our sound financial practices, experienced financial staff, and the Board’s practice of fiscal prudence as a cornerstone to sustainable progress. It reaffirms our dedication to serving the residents of Santa Barbara County with integrity and accountability."
