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Posted on: October 2, 2023

New Hanover County’s Triple-A bond rating reaffirmed ahead of proposed Project Grace financing

NEW HANOVER COUNTY, NC – As New Hanover County seeks debt issuance of $57 million to finance Project Grace, Moody’s Investor Services (Moody’s) and Standard & Poor’s (S&P) have again confirmed the county’s Triple-A bond rating, the highest rating possible. This reaffirmation marks the 11th consecutive year the county has achieved this rating from both agencies.

Moody’s has rated New Hanover County at the Triple-A level since 2010, while S&P began rating the county at this top tier in 2013.

“Being one of only 80 counties in the United States to receive a Triple-A rating from both Moody’s and S&P, out of a total of 3,069 counties, is a testament to the diligence and fiscal stewardship of our Board of Commissioners and staff,” said County Manager Chris Coudriet. “As we seek to issue debt for Project Grace, this rating not only reaffirms our strong financial standing but also enables us to secure the best interest rates, which will save the taxpayers millions.”

Various factors contribute to a bond rating, including the size of the tax base, the overall economy, financial flexibility and reserves, manageable fixed cost burden, and the county’s management practices and policies. The Triple-A rating will significantly benefit New Hanover County by ensuring the best interest rates are secured when seeking debt issuance for crucial capital projects, such as Project Grace. 

To learn more about New Hanover County’s financial practices and the work being done by the Finance Department, please visit Finance.NHCgov.com.

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