Wednesday, December 6, 2000

New bond rating gives Fayette County more borrowing power

Fayette County's borrowing power has just been increased.

The county government received word Monday from Robinson Humphrey that Moody's Rating Service has improved its credit rating from A1 to AA3.

That will allow the county to borrow money at lower interest rates in the future.

Moody's representatives studied Fayette's financial history recently when the county issued bonds for a new county jail earlier this fall, and gave the county its A1 rating.

In further evaluation since then, "They have upped it to AA3," said Harold Bost, chairman of the County Commission.

The county's rating does not affect the Fayette Board of Education's upcoming sale of bonds for new schools. School boards handle their financing separately.

But the county water system will be able to borrow at lower rates for its upcoming water tank projects and other construction plans.

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