"That's the top 5%," Amy R. Laskey, Fitch's senior director of public finance, tells Globest.Com. "That's the very highest rating." The bonds will be sold April 24.
The county expects to sell $25 million variable-rate general obligation public improvement bonds series 2001 B in May through negotiation with Bank of America Securities.
The rating is based on the strength of the county's economic and tax base, its large fund balance, exceptional financial management and manageable tax levels despite rapid population growth and capital needs, among other factors.
Fitch noted that one of the county's strengths is its position as a financial services center as headquarters for two the country's largest banks, First union and Bank of America. There's also a federal reserve office here.
Despite the county's well-managed financial operations and sizable reserves, however, Fitch says increasing demands that include educational and transportation requirements strain the budget.
Fitch says that providing for future operating and capital needs, particularly for schools, without straining the tax base will remain a challenge.
The county's most recent bond referendum was approved by voters last November and authorized the issuance of $275.5 million general obligation bonds to fund school facility improvements.
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