Wilmington, DE – New Castle County earned a triple-A credit rating this week from all three major rating agencies who affirmed a stable outlook on the county’s economic health and applauded the Meyer Administration’s financial management practices. Moody’s Investors Service, Fitch Ratings, and S&P Global Ratings recognized New Castle County’s strong economy as a center of banking, commerce and industry, with unemployment that is lower than the national average, median family income above the national average, and a consistent pattern of economic growth.
“New Castle County’s superior credit rating reflects the strength of our local economy and steps we are taking to be responsible stewards of taxpayer funds,” County Executive Matthew Meyer said. “These ratings – the highest that a government can achieve – allow us to borrow money at the most competitive interest rates, which will maximize our ability to invest in critical infrastructure at the lowest cost to improve County services.”
In its review, Moody’s expressed confidence in the County’s financial outlook due to strong management and credited the Meyer Administration with taking steps to address the County’s structural budget deficit.
Fitch noted that the County benefits from a broad mix of employment, including the biotechnology and pharmaceutical, finance, retail and manufacturing sectors and major chemical facilities, technology and research centers, and other industries that have contributed to sustained economic growth.
S&P highlighted New Castle County’s strong economy and recognized recent economic development announcement that will increase growth.
These ratings come as the County prepares to finance $107.8 million in general obligation bonds next week to finance capital projects previously authorized by County government.