VENTURA, Calif. – The nation’s two top credit ratings firms – Moody’s and Standard & Poor’s – have awarded the County with their highest short-term credit ratings. In addition, Moody’s issued positive comments on the County’s long-term credit outlook. Simply put, the ratings assess the County’s ability to pay its debts.
“The ratings are a validation of the work the Board of Supervisors and the managers are doing to keep the County fiscally strong,” said County Executive Officer Mike Powers. “We are making conservative assumptions on our tax and revenue projections and closely managing expenditures.”
Standard & Poor’s report noted Ventura County’s economy remains very strong, with growth in both property and sales taxes. They also stated, “We believe the county’s management has been able to balance financial operations in light of increases in salaries and benefit costs and other expenditures.”
Standard & Poor’s assigned its ‘SP-1+’ short-term rating to the County’s tax and revenue anticipation notes and Moody’s followed with its ‘MIG 1’ rating.
The County also enjoys the companies’ highest long-term credit ratings – AAA/aaa – which continue to be reaffirmed in the latest report from Moody’s which stated: “The stable outlook for the county’s long-term ratings reflects our expectation that the tax base will continue to have stable, moderate growth and the county’s financial profile will continue to remain strong, supported by a strong management team and adopted policies.”