Standard and Poor’s Financial Services — a nationally recognized rating agency — announced its upgrade for Hays County from AA to AA+ for the upcoming issuance of Limited Tax Bonds.
The AA+ rating is one notch below the highest possible rating from Standard and Poor’s, according to Dan Wegmiller, managing director at Specialized Public Finance Inc.
“It is a huge accomplishment for Hays County and speaks volumes to the investor community regarding the trajectory of the county and its historically strong financial and management practices,” Wegmiller said.
Hays County’s finances were thoroughly vetted at an Oct. 19 meeting with Standard and Poor’s representatives, as well as county officials. Hays County Auditor Marisol Alonzo said the county underwent an in-depth review of current financial reports, background information and forecasting.
According to Standard and Poor’s report: “The rating reflects our view of the county's: robust, fastgrowing economy, which will likely spur growth in the county's demographics that underpins the ability to fund service and infrastructure expansion; well-embedded policies and practices that management utilizes to guide its budgeting and forecasting processes; multiyear surpluses, coupled with very strong liquidity and reserves; and high debt load, reflecting infrastructure investments, but offset by manageable pension and other post-employment benefits costs.”
“Getting to the next level is even more challenging when an entity already has a high rating,” Budget Office Director Vickie Dorsett said.
Knowing the increased rating means improved interest rates on any future bonds can give county officials some peace of mind. It also is a source of pride for those involved in managing the county’s finances, according to Britney Bolton Richey, Hays County Treasurer.
