Salt Lake County Earns Financial Ratings Upgrade

Salt Lake County Mayor Ben McAdams is praising his fiscal management team and the Salt Lake County Council after receiving notice that Fitch Ratings, a national ratings firm, has assigned new, higher financial ratings to Salt Lake County bonds, including its transportation tax revenue bonds and its sales tax revenue bonds.

Salt Lake County is one of a limited number of counties nationally—among 3,140 overall—to earn this distinction.

“This confirms the county’s financial health and also sends a strong signal that we’re a good long-term investment. It speaks to our determination to be a government with a fiscally-responsible balance sheet and a careful eye on budgets,” said Mayor McAdams.

Chief Financial Officer Darrin Casper says the county has been notified by Fitch Ratings that not only will it retain its triple-A rating on its general obligation bonds, but that several categories have been upgraded to either AA+ or AAA. Casper said that with such an excellent credit score, Salt Lake County will pay less interest and save taxpayer dollars when it enters the market with an upcoming issuance of general obligation bonds in the amount of $22 million as the second stage of parks, trails and open space expenditures. Salt Lake County voters approved a $47 million parks and trails bond measure during a 2012 election.

“Salt Lake County remains one of the top 41 counties nationwide for financial strength.  Sound, conservative fiscal policies have made this possible, along with prudent financial management by elected officials of both parties and our competent staff,” said County Council Chairman Richard Snelgrove.

“I’m proud of our fiscal management team. They serve the taxpayers well in how they manage governmental operations and the financial world clearly is taking notice,” said McAdams. “Once again, Salt Lake County is demonstrating what it means to be a thriving metropolitan area that focuses on efficient and responsive government.”