2008 News

April 14, 2008

Bucks County Commissioners Earn Highest S&P Bond Rating in County History

The Bucks County Commissioners announced today that Standard and Poor’s (S&P’s) has upgraded the county’s credit rating to the highest level in county history, assigning Bucks County with an AA+ rating.  This comes less than one year after Moody’s Investment Services increased the county to an Aa1 rating, the highest the county earned with that rating agency.

Commissioner Chairman Jim Cawley notes, “This is a victory on many levels. Not only was the county’s financial picture analyzed, but our management team, its philosophy, and the overall stability of the county was also factored in the decision to increase our rating.”

Back in 2004, the commissioners charged Finance Director Brian Hessenthaler to put a plan in place to increase the county’s ratings.  “We are now poised to receive both agencies’ highest rating, and that will remain our goal,” Hessenthaler stated.  

S&P’s reviewed the county’s rating because the Bucks County Community College is going out for a bond issue – the county guarantees their debt. Cawley points out that because of the increased rating, the county and college will each realize a savings of slightly over $100,000 over the life of the $20 million bond.

Hessenthaler attributes the increase to a turn-around in the county’s finances through debt restructuring, cost-cutting efficiencies leading to improved budgetary controls, a stable tax base and a solid general fund balance.