Cobb maintains high credit rating

Cobb County will maintain the highest possible municipal credit rating in a troubled economy.

The county has been rated AAA by Standard & Poor’s and Fitch rating services, and Aaa by Moody’s. The services assign the ratings as a financial indicator of credit worthiness, using factors such as the municipality’s management and the economy.

Cobb is one of about 20 counties in the nation with a triple AAA rating. Finance Director Brad Bowers said the county has maintained this rating for about 13 years.

For a municipality with a AAA rating, the credit risk is almost zero.

DeKalb and Gwinnett county governments are rated Aaa by Moody’s.

At Tuesday’s commission meeting, officials approved the sale of $115 million in general obligation tax anticipation notes to temporarily cover operating costs for the fiscal year. This is an annual procedure for Cobb.

The county will pay a net interest rate on the notes of less than one-half of 1 percent, approximately $382,566 in interest costs.

The county will repay the loan by Dec. 31.