New York-based Fitch Ratings is giving Cobb a AAA rating on the $65 million worth of general obligation tax anticipation notes and $33.8 million of general obligation refunding bonds the county began selling on Wall Street March 25. The notes and bonds will mature from Jan. 1, 2004 to 2010.

As an assurance to developers, Fitch analysts Rebecca Hall and Amy Laskey report the county has "strong financial management, solid fund balances, low debt levels and an increasingly diverse economic base, as well as its proximity to Atlanta." The county is just north of Downtown Atlanta.

In a prepared statement, Fitch analysts say Cobb, "as part of the vibrant Atlanta metropolitan statistical area, exhibits healthy economic diversification and above-average wealth levels." Cobb's permanent population of 643,830 has grown an estimated 39% from 1990 to 2001, Fitch says.

"Relatively low tax rates and assessed valuation growth averaging 10% annually in the past five years give the county financial flexibility," Fitch analysts say. Major corporations in the county are WellStar Health Services Inc., Cobb's largest employer; Home Depot Inc; and Lockheed Martin Corp.

"Sound capital planning that includes a substantial amount of pay-as-you-go financing and rapid amortization has resulted in very low debt levels," Fitch says.

According to Cobb County's Web site, the area has a total 22.6 million sf of combined class A, B and C office space and 5.5 million sf of distribution, warehouse and service space.