PIMA COUNTY, ARIZONA -- Fitch Ratings, a national bond ratings company this week raised Pima County’s General Obligation bond ratings from AA to AAA, its highest mark. This is the first time Pima County has had AAA ratings on its bond debt and reflects an exceptional degree of creditworthiness.
The AAA ratings from Fitch now apply to nearly a dozen General Obligation bonds issued by the County since 2007.
Fitch’s cited recent changes in Arizona’s laws regarding the lien rights of bondholders for the ratings upgrade. The new ratings reflect Pima County’s very sound financial position and careful debt management practices.
“The AAA rating is very satisfying,” County Finance Director Keith Dommer said. “It exemplifies our goals at Pima County. Being able to easily meet our financial obligations is a tribute to the commitment and priorities of County leadership and the diligence, thoroughness and ethics of the Finance Department’s staff.”
The County has not had a credit rating for its General Obligation and Highway Revenue bonds below AA- for more than 10 years.