(KNSI) — Stearns County has maintained its AA+ bond rating from S&P Global Ratings ahead of issuing bonds to fund the construction of the new Justice Center.
The rating, which functions like a credit score for governments, means the county can borrow money at lower interest rates. County Auditor-Treasurer Randy Schreifels says the rating reflects years of sound financial planning and careful financial stewardship. AA+ is one of the highest possible scores for a county of its size.
“This rating reflects years of strong planning and responsible decision-making by the County Board and staff,” Schreifels said. “It’s a win for our residents and for our long-term future.”
S&P cited healthy financial reserves, conservative budgeting, and a growing local economy as factors behind the strong rating. The agency also noted that despite the upcoming Justice Center project, the new debt isn’t expected to strain county finances – bond payments will be covered by a dedicated three-eighths-cent sales tax rather than property taxes.
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