ONSLOW COUNTY, NC (WITN) - Onslow County leaders are touting its upgraded credit rating and new advantages for taxpayers.
Moody’s Investors Services upgraded Onslow County’s General Obligation (GO) rating to Aa1 and limited obligation bond rating to Aa2. They also assigned an Aa2 to the county's $22.1 million Limited Obligation Bonds, Series 2020.
Onslow County Finance Officer David McCole said this means taxpayers will save with the county’s upgraded rating. He said, “This potentially enables Onslow County to borrow at a lower interest rate, and in return, brings savings of tax payers’ dollars.”
According to Moody’s, Onslow County, (Aa1) benefits from a large and growing tax base and, while resident income and wealth metrics are below state and national averages, this is largely driven by the significant military presence in the county.
Financial reserves and liquidity are sound and stable, supported by proactive and conservative management and formal policies.
Onslow County's debt burden is above statewide medians, but overall long-term liabilities are low and fixed costs are manageable.
According to McCole, Onslow County will continue to benefit from its conservative and forward-looking management team.
“We are able to get this rating thanks to the fiscally responsible approach of the Board of Commissioners” said McCole.