Originally published September 13, 2018 at 9:53 a.m., updated September 13, 2018 at 12:37 p.m.
YOUNGSTOWN
Mahoning County’s bond rating has jumped a level, allowing the county to borrow at better rates and on its own credit standing.
Standard and Poor’s credit rating agency recently raised the county’s long-term general obligation bond rating from A+ to AA-, and projected a “stable” outlook for the county despite “weak” economic indicators.
With an AA rating, Mahoning County no longer needs to purchase insurance on its bonds, which will save the county thousands of dollars, officials said. The highest credit rating category is AAA.
The county sought $7.4 million in new general obligation notes this year, officials said.
Omar Ganoom, managing director of wealth management firm Boenning and Scattergood, called Mahoning’s AA status a “major accomplishment” for a county of its size. Mahoning County commissioners stressed Thursday that achievement wouldn’t have been possible without the budgeteering and policymaking efforts of many county officials.