County Auditor Peter Mullen has good news -- the county's financial
outlook is stable, as rated by New York and London-based ratings company Fitch Ratings.
outlook is stable, as rated by New York and London-based ratings company Fitch Ratings.
Mullen said Tuesday he received word from Fitch that the county has been ranked "AA-." According to a release from Fitch, the outlook for the county's financial status is stable, reaffirming the same rating from 2012.
"The rating reflects the county's sound overall financial operations, featuring active management to align revenues and expenditures in the face of legislation affecting property tax revenues, strong reserves and conservative budgeting," stated a release from Fitch.
Mullen said he was thankful for the leadership of the county commissioners and county council members during the tough economic times of the past few years.
"As you may recall, up until three years ago we were rated 'negative,'" Mullen said in a message to the commissioners and council members.
The ratings report noted sound finances, economic benefits from the presence of the University of Notre Dame and a moderate debt profile (as opposed to high amounts of debt) all contributed to the stable AA- rating.
"A key credit strength is the county's ability to yield solid reserve levels despite revenue volatility associated with the state's 'circuit breaker' (property tax caps) legislation and state disbursements," the release said.
The report also noted that the county has maintained good cash reserves.
