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Franklin County's bond rating raised to AA1 by Moody's; county announces code training and community events

2082765 ยท January 3, 2025

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Summary

County administrator announced Moody's upgraded Franklin County's bond rating to AA1, joining Fitch and Standard & Poor's in rating the county one notch below AAA. Officials said the upgrade positions the county for more favorable borrowing and highlighted upcoming code training and community events in early January.

Franklin County Administrator Chris Carter told the Board of Supervisors on Jan. 2 that Moody's has upgraded the county's bond rating to AA1 from AA2, bringing Moody's in line with Fitch and Standard & Poor's, which the administrator said had the county rated one notch below AAA.

"I'm pleased to announce that since that time, Moody's has increased our bond rating to AA1," Carter said, adding that the upgrade reflects the county's fiscal management and positions it for competitive interest rates on future borrowing. Carter credited current and past boards and county staff for financial stewardship and noted Davenport (the county's financial advisor) and staff involvement in the rating discussions.

Carter said county staff will issue a press release to the media to announce the upgrade. He added the rating will help when the county seeks financing for larger projects and should be a positive signal to prospective businesses and industries considering investment in the county.

Carter also announced several upcoming events and trainings: building official John Broughton will host code-update training for contractors Tuesday, Jan. 7, 8 a.m. to 3 p.m., at the Franklin Center; the school system invited the board to a fall academic awards program at the high school auditorium at 6 p.m. on Wednesday, Jan. 8; and the sheriff invited the board to the sheriff's annual banquet and awards on Jan. 11 at Franklin Heights Church.

A resident concern about a delay on Brick Church Road and temporary signage was raised and county staff reported the situation had been resolved.

Why this matters: A higher bond rating can lower borrowing costs for the county and is commonly cited by economic-development officials when marketing a locality to prospective employers. The upcoming code training and public events affect contractors, school stakeholders and the community schedule for January.