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Moody’s Investors Service announced Friday it assigned a Aaa rating to Linn County’s General Obligation Certificates of Participation, Series 2019. Moody’s also reaffirmed the County’s Aaa rating on its outstanding general obligation unlimited tax (GOULT) debt. The Aaa rating is the highest rating possible for credit worthiness and translates into savings for taxpayers.
The Certificates of Participation rating applies to the County’s Series 2019, which represent $31.5 million to support the construction of the Dr. Percy and Lileah Harris Building. The building is scheduled to be complete this fall and will house Linn County’s Public Health Department and Child and Youth Development Services.
Moody’s ratings are based the county's large and growing economic base that includes the Cedar Rapids metropolitan area. The rating also reflects the county's healthy financial position, which is supported by a high degree of legal revenue raising flexibility and moderate debt.
“I’m being pleased that the County’s strong financial position and moderate debt burden are reflected in the Aaa rating assigned by Moody’s Investors Service,” Linn County Finance Director Dawn Jindrich said.
To view the full report, visit Moody’s.com/researchandratings for Iowa.