MOODY'S AFFIRMS COUNTY OF ROBESON'S (NC) A3 GENERAL OBLIGATION RATING; POSITIVE OUTLOOK REMOVED

Posted on: December 18, 2009, 3:16 pm

NEW YORK, Dec 18, 2009 -- Moody's Investors Service has affirmed the A3 rating and removed the positive outlook on the County of Robeson's (NC) general obligation bond rating, affecting $8.9 million in outstanding debt. The affirmation and removal of the positive outlook reflects the county's stable financial position evident in an average fund balance over the last five years of 26.7% of General Fund revenues. The county has maintained solid reserve levels through conservative budgeting and increase property tax collection efforts. In fiscal 2009, officials project a small decrease in General Fund balance due to one-time purchase of land. The A3 rating also incorporates the county's $5.4 billion tax base, located in southern North Carolina (G.O. rated Aaa/stable outlook), with wealth levels that are considerably below the state and nation (MFI 70.2% and 65% respectively) and historically high unemployment rates. Further, the rating factors the county's low overall debt burden of 0.2% of full value. All of the county's debt is fixed rate...

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