Lake County Maintains Aa1 Bond Rating from Moody’s
PAINESVILLE, Ohio, August 28, 2024– Moody’s has affirmed Lake County’s Aa1 bond rating in anticipation of the upcoming Public Safety Center Project.
According to a Moody’s Press Release, “Moody’s Ratings has assigned an Aa1 rating to Lake County’s Correctional Facilities Bonds, Series 2024, which will encompass a proposed par amount of approximately $70 million. Additionally, the County’s Correctional Facilities Notes, Series 2024, with a proposed par amount of about $50 million, have been assigned a MIG 1 rating.” The Moody’s release also stated, “Available fund balance and liquidity are exceptionally strong, totaling 49% and 143% of revenue, respectfully, at the close of fiscal 2022.”
In conjunction with these announcements, Moody’s has also reaffirmed the County’s overall Aa1 issuer rating, along with the Aa1 rating on its outstanding General Obligation Limited Tax (GOLT) debt. Following the completion of these sales, Lake County will retain approximately $146 million in total outstanding debt. Please click here to read the entire press release.